In one sentence
HUD's binding commitment to insure a multifamily loan on stated terms, the green light between underwriting and closing on FHA deals.
The longer version
The firm commitment lists the insured amount, rate assumptions, special conditions, and required exhibits. Rate lock and closing scheduling flow from it, and amendments run back through HUD when terms move.
Closers work the special conditions like a second checklist, because each one is a funding blocker until satisfied and documented.
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