# HUD 223(f) Underwriting Worksheet v1 (PDF Version)

This is the printable companion to the Excel model.

Excel model (with formulas):
https://files.187.124.227.42.nip.io/files/HUD_223f_Underwriting_Worksheet_v1.xlsx

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## Inputs
- Gross Potential Rent (Annual): __________________
- Other Income (Annual): __________________
- Vacancy & Collection Loss %: __________________

### Operating Expenses (Underwritten)
- Payroll: __________________
- Repairs & Maintenance: __________________
- Management Fee: __________________
- Utilities: __________________
- Insurance: __________________
- Taxes: __________________
- Admin/Marketing: __________________
- Contract Services: __________________
- Replacement Reserve: __________________
- Other Operating Expense: __________________

### Debt Sizing Inputs
- Interest Rate %: __________________
- Amortization (years): __________________
- DSCR Requirement: __________________
- Mortgage Constant: __________________
- LTV Limit %: __________________
- Appraised Value: __________________
- Program/Statutory Cap: __________________

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## Calculation Block

1. Total Potential Gross Income = GPR + Other Income
2. Vacancy & Collection Loss $ = Total PGI × Vacancy %
3. Effective Gross Income (EGI) = Total PGI − Vacancy $
4. Total Underwritten Operating Expenses = Sum of expense lines
5. Underwritten NOI = EGI − Total Expenses
6. Max Annual Debt Service (DSCR) = NOI ÷ DSCR Requirement
7. Max Loan by DSCR = Max Annual Debt Service ÷ Mortgage Constant
8. Max Loan by LTV = Appraised Value × LTV %
9. Final Loan Sizing = MIN(Loan by DSCR, Loan by LTV, Program Cap)

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## Output Summary
- Underwritten NOI: __________________
- Max Loan by DSCR: __________________
- Max Loan by LTV: __________________
- Program Cap: __________________
- Final Loan Sizing: __________________
- Binding Constraint (DSCR / LTV / Cap): __________________

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## Underwriting Checks
- [ ] Occupancy/Stabilization thresholds met
- [ ] Repair scope within 223(f) limits
- [ ] Appraisal complete
- [ ] PCNA complete
- [ ] Environmental report complete
- [ ] Borrower/entity documentation complete

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## Notes
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