# HUD 223(f) Underwriting Checklist (Quick Use)

## A) Income
- [ ] Current rent roll collected
- [ ] T-12 collections validated
- [ ] Other income supported
- [ ] Stabilized vacancy/collection loss assumption set

## B) Expenses
- [ ] T-12 operating expenses normalized
- [ ] One-time/non-recurring items removed
- [ ] Taxes/insurance validated
- [ ] Management fee policy applied
- [ ] Replacement reserve included

## C) NOI
- [ ] EGI calculated
- [ ] Underwritten operating expenses calculated
- [ ] Underwritten NOI finalized

## D) Sizing
- [ ] DSCR sizing run
- [ ] LTV sizing run
- [ ] Program/statutory cap checked
- [ ] Final loan = lowest of all constraints

## E) HUD 223(f) Readiness
- [ ] Occupancy/stabilization meets threshold
- [ ] Repair scope within 223(f) limits
- [ ] Appraisal complete
- [ ] PCNA complete
- [ ] Environmental report complete
- [ ] Borrower/entity docs complete

## F) Final Output
- [ ] Underwritten NOI
- [ ] Max insurable mortgage (indicative)
- [ ] Constraint driver documented (DSCR/LTV/cap)