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Who is required to file hud 92547 a budget?
HUD 92547 A Budget is required to be filed by all Public Housing Agencies (PHA).
What is the purpose of hud 92547 a budget?
HUD Form 92547 is a budget form used by public housing agencies to calculate the amount of money they need to operate their public housing units. This form is used to determine the amount of money that should be received from the U.S. Department of Housing and Urban Development (HUD) for the purpose of maintaining public housing units. It is also used to help the public housing agency plan for the future based on its current and projected financial needs.
What information must be reported on hud 92547 a budget?
HUD 92547 is an annual budget form used for the Section 8 Tenant-Based Assistance Program. The form requires the applicant to provide information about their income, assets, expenses, and debts. Specifically, the form requires the applicant to report:
1. Total gross income from all sources
2. Total assets
3. Total monthly expenses
4. Total monthly debts
5. Total monthly cash available after all expenses and debts are paid
6. Total annual expenses
7. Total annual debts
8. Total annual cash available after all expenses and debts are paid
When is the deadline to file hud 92547 a budget in 2023?
The deadline to file HUD 92547 is June 30, 2023.
What is hud 92547 a budget?
HUD 92547 is not a budget; it is actually a form used by the U.S. Department of Housing and Urban Development (HUD) for the purpose of verifying information provided by the borrower when applying for a mortgage loan insured by the Federal Housing Administration (FHA). This form is often referred to as the Borrower's Identity of Interest Certification. It helps ensure that there are no conflicts of interest or fraud involved in the mortgage application process.
How to fill out hud 92547 a budget?
To fill out HUD form 92547, also known as a budget, follow these steps:
1. Start with your personal information: Fill in your name, address, phone number, and Social Security number.
2. Section A: Monthly Income: List all sources of income that you receive each month. This may include wages, Social Security benefits, pensions, disability, child support, or any other regular income. Specify the source, amount, and frequency of each income.
3. Section B: Monthly Expenses: Calculate and list all monthly expenses you have, categorized as follows:
a. Housing Expenses: Include mortgage or rent payments, property taxes, homeowner's insurance, and any other related expenses.
b. Utilities: List the monthly costs for electricity, gas, water, sewer, trash collection, phone, internet, and cable.
c. Transportation: Include car loan payments, insurance, gasoline, maintenance, and public transportation expenses.
d. Food: Estimate your monthly expenditure on groceries and meals.
e. Health: List health insurance costs, medication expenses, doctor visits, and any other healthcare-related expenses.
f. Childcare: If applicable, include the costs for daycare or babysitting services.
g. Personal Care: Estimate your monthly expenses for personal care items, such as toiletries, haircuts, and clothing.
h. Education: Include any student loan or education-related expenses.
i. Debts: List any outstanding debts, such as credit cards, personal loans, or student loans, including minimum monthly payments.
j. Miscellaneous: Account for any other monthly expenses not covered in the above categories.
4. Section C: Monthly Surplus/Deficit: Calculate your total monthly income and total monthly expenses. Deduct the expenses from the income to find if there is a surplus or deficit.
5. Section D: Medical Expenses: If you or any family member have significant medical expenses, list them in this section. Include the costs of prescription medications, health insurance premiums, doctor's visits, etc.
6. Section E: Remarks: If there are any additional comments or explanations regarding your budget, you can provide them in this section.
7. Section F: Certification and Consent: Read this section carefully, sign, and date the form to certify that the information provided is true and accurate to the best of your knowledge.
Make sure to double-check all the entries and ensure that the calculations are correct. Submit the completed form as required by the appropriate entity or organization that requested it.
What is the penalty for the late filing of hud 92547 a budget?
The penalty for late filing of HUD Form 92547, also known as the Budget, is not explicitly stated in the form or associated instructions. However, it is important to submit the form within the designated timeline to comply with HUD regulations and funding requirements. Failure to comply with HUD regulations may result in various consequences, including the potential loss of funding or other administrative actions. It is recommended to contact your local HUD office or consult with a HUD representative for specific information regarding penalties for late filing.
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