How long a HUD 232/223(f) loan takes in 2026
HUD's own records on how long a Section 232/223(f) loan takes from application to closing, why closing has slowed since 2023, and what shortens it.
HUD Section 232, from the owner's side
Pick the right HUD 232 loan and know how long it takes
Four questions point to the Section 232 program that fits your assisted living, memory care or nursing home building. HUD's own closing records and weekly queue report say how long it will take.
Route 232 is independent. It is not affiliated with, endorsed by or acting for HUD, FHA, CMS or any government agency.
Your route
Answer the questions
Without JavaScript, every program is listed below with who it fits.
The four programs
- 232/223(f)Refinance or purchase of an existing facilityA 35-year, fixed-rate, fully amortizing loan to refinance or buy an existing licensed nursing home, assisted living facility or board and care home that has been open at least three years.
- 232/223(a)(7)Streamlined refinance of an existing FHA loanA refinance of a loan HUD already insures, at a new rate, with lighter underwriting: no appraisal, 1.11 coverage, and a loan no larger than the original principal of the loan it replaces.
- 232 NC/SRNew construction or substantial rehabilitationA single loan that funds construction and then converts to a 40-year fixed-rate loan, for a new facility or a rehab whose hard costs exceed 25% of the as-completed value.
- 241(a)Supplemental loan for improvements or additionsA second FHA-insured loan on a property that already has a HUD loan, to pay for improvements, additions or equipment that keep the building competitive.
- 223(f) median, application to closing
- 235 days
- 223(f) applications in HUD's queue
- 35
- 223(f) median note rate at closing
- 6.01%
Closing time and rate: HUD fiscal 2025 closings. Queue: HUD's report as of October 14, 2026.
Why the route matters
Choosing the wrong program costs months. A building that opened two years ago cannot use a 223(f) yet. A loan HUD already insures is refinanced through 223(a)(7), not 223(f), and cannot grow past its original principal. Improvements on a HUD-financed building go through a 241(a) supplemental loan behind the existing one.
The timing matters as much as the program. In HUD’s fiscal 2025 closings, the median 223(f) closed about eight months after HUD received the application, and about 95 of those days went to waiting for an underwriter. Route 232 takes those numbers from HUD’s files, refreshed as HUD posts them, so you can plan a closing date from HUD’s actual dates.
Guides
Questions people ask
What is the HUD Section 232 program?
Section 232 of the National Housing Act lets FHA insure loans on licensed nursing homes, intermediate care facilities, assisted living facilities and board and care homes. HUD's Office of Residential Care Facilities runs it through FHA-approved lenders.
Can memory care be financed with a HUD 232 loan?
Yes, as units within a licensed assisted living facility or nursing home. Memory care is not a separate facility type in Section 232, and since January 2026 HUD's loan documents describe a project's approved use by the four statutory types.
Is Route 232 part of HUD?
No. It is operated by Janover Capital LLC, a commercial mortgage firm, and is not affiliated with HUD or FHA.