Assets in lieu of income?

[txladykat 1]

In filing the Affidavit of Support, obviously if we are filing DCF I don't have a job in the states. But, I still own my house there. Would that be considered enough assets to qualify? How do you know how much assets you should have to overcome the fact that you don't have income yet?

[payxibka 10,044]

In filing the Affidavit of Support, obviously if we are filing DCF I don't have a job in the states. But, I still own my house there. Would that be considered enough assets to qualify? How do you know how much assets you should have to overcome the fact that you don't have income yet?

at least $3 in assets to $1 of required income

[txladykat 1]

thanks. where do i find the poverty levels?

[trailmix 77]

In filing the Affidavit of Support, obviously if we are filing DCF I don't have a job in the states. But, I still own my house there. Would that be considered enough assets to qualify? How do you know how much assets you should have to overcome the fact that you don't have income yet?

You will want to check out the 2009 poverty guidelines:

2008 Povery Guidelines

Normally, if you were using income, you would require income at 125% of the guidelines.

$17,500 x 3 = $52,500 in assets.

If you check out the I-864 (affidavit of support) the information about using your house as an asset is on page 8 and the information about using assets is on page 9 (examples at item 29).

[markordj 0]

In filing the Affidavit of Support, obviously if we are filing DCF I don't have a job in the states. But, I still own my house there. Would that be considered enough assets to qualify? How do you know how much assets you should have to overcome the fact that you don't have income yet?

at least $3 in assets to $1 of required income

my USC wife is petitioning me by DCF.

even if my USC wife is not continuing her current employment when we move to the US, can we put in her current salary in the I-864 and top up the remaining balance time 3 by my asset?

for example:

125% of poverty line = us$19,000

sponsor's (wife) current overseas salary = us$16,000

balance = us$(19,000-16,000) = us$3,000

top-up using assets = 3 x us$3,000 = $9,000

[Penguin_ie 5,984]

You cannot put any income which won't continue when you are in the USA, so your wife's salary does not count. You can use a co-sponsor, or assets (with assets, US based is prefered, though some embassies accept foreign based savings too).

For the house in the US to be used as assets, you will need a recent valuation (and of course if you have a mortgage on it, only the part of the house you have paid off counts).

We did DCF based on assets only; a house in the USA recently purchased outright (provided the contract to proof its value), and savings we transfered from Ireland to the US before my interview (we provided a print-out of an online bankstatement for that).

[pgb47 0]

I-864 Assets. I am not able to finding a trusting co-sponsor. My SS benefits are about 12k per year and the poverty level requirement is 17,500 My Chinese wife has considerable Chinese stock assets but are it is now managed by her brother who has much experience in stocks. I have some assets but I have my sister handling these. When we get to the US will move things into our joint accounts, but can not now because my wife does not have an SS. We tried to set up a joint account in China, but banks seem unfamiliar with this idea and we really want to move forward and close Chinese banking accounts . We can meet the asset requirements in an easy to see and verify way by moving some money around. Does anyone know about time requirements? Do I need to show we have had these assets in place for a long time. Do we need to keep assets in a holding place for years or can we use them for living expenses when we get to the US. WE have easy and quick access to the assets now but were hoping to make better arrangements once we get to the US. I find Chinese banks very frustrating. We are doing a DCF so I believe my wife will take the I-864 and support documents to her interview.

[pgb47 0]

I-864 Assets. I am not able to finding a trusting co-sponsor. My SS benefits are about 12k per year and the poverty level requirement is 17,500 My Chinese wife has considerable Chinese stock assets but are it is now managed by her brother who has much experience in stocks. I have some assets but I have my sister handling these. When we get to the US will move things into our joint accounts, but can not now because my wife does not have an SS. We tried to set up a joint account in China, but banks seem unfamiliar with this idea and we really want to move forward and close Chinese banking accounts . We can meet the asset requirements in an easy to see and verify way by moving some money around. Does anyone know about time requirements? Do I need to show we have had these assets in place for a long time. Do we need to keep assets in a holding place for years or can we use them for living expenses when we get to the US. WE have easy and quick access to the assets now but were hoping to make better arrangements once we get to the US. I find Chinese banks very frustrating. We are doing a DCF so I believe my wife will take the I-864 and support documents to her interview.

Just checked the I-864P and the 125% poverty level went up in Feb to 18,212 from 17,500.

[Dakine 26]

Best to have co sponsor. House looks good but get real. Would you sell it just to get money to live on? COs aren't dummies.

If you have proof of a decent job when you get to the US it helps a lot when using assets.

[Penguin_ie 5,984]

They didn't ask us where the money to buy the newly purchased US house came from, nor where the money in the newly opened US savings account was before, but Ireland is an easier consulate than China. You can do whatever you want with the assets/ money once you arrive in the USA- we used most of our savings account money to get established (buy furniture for the house etc) once we got here, for health insurance and to live on until my husband found a job.

[sharpies 0]

Penguin_ie -

We are doing DCF thru London and I am planning on using my savings etc as assets. If we are using US assets only, then how do I calculate how much I would need? I had originally calculated the amount I thought I needed, using my UK salary, converted into $$, but from what you said I can't do that because my job and salary will not be continuing once we move. I am really confused by the I-864 form.

I am hoping I can get a tentative job offer in the US to further support our case, so maybe that will help.

Thank you in advance!!

[Penguin_ie 5,984]

If you are sponsoring yourself/ your spouse, you need x3 the income requirement (co-sponsor would be x5). So if it is just you and your spouse, no kids etc, that is the current 125% of poverty level (18'231 dollars I think) x 3= approx 55'000 dollars in assets.

The poster before me pointed out that houses can be problematic as assets, but that is only if the value is close to the required asset level (say 60'000 dollars or so), because then it might be difficult to get that amount for it at short notice (assets need to be able to be liquidated without undue hardship within one year).

A tentative job offer may help if your asset level is close but over the limit, but they often don't take tentative job offers into account. However, you as the USC can move to the US as soon as the I-130 is filed. which is usually a couple of months or more before the embassy interview where your spouse will need to present the I-864, so if you get a job offer, I'd suggest moving right after your part is done, that way your foreign spouse can present several paycheques at the interview.

[sharpies 0]

Thanks Penguin_ie - My husband thought that was the case, but I was confused. You have made my day. I just found out when our interview is and I need to get this all in order.