Income / Poverty Guidelines / Equity in Home?

[Mikeyboy 0]

Hi All,

One last question for the day.

For the Affadavit of Support - can my wife's mother (who will be the co-sponsor as my wife recently had to quit her job due to unresolved back problems) use the equity accrued in her home as an asset?

Again - I have heard this in a few places, but have not seen an official government page that lists what is and what is not allowed. My wife's mum runs a moderately successful business, but murhy's law always crops up - and I don't think she pays herself much of a wage!

The home equity would be a big bonus. They bought the house over 10 years ago and it has accrued a decent but of value.

Thanks guys,

-Mike

[Filipinawife0210 15]

Any assets are included at a 3:1 ratio for income. Home equity is usable, but it will be assesed at 3 dollars required for every dollar the primary sponsor is short on income to qualify.

Edited May 19, 2010 by Filipinawife0210

[trailmix 77]

Again - I have heard this in a few places, but have not seen an official government page that lists what is and what is not allowed. My wife's mum runs a moderately successful business, but murhy's law always crops up - and I don't think she pays herself much of a wage!

Hi,

This is because you haven't read the instructions for the I-864 yet (but you must).

[Mikeyboy 0]

I'll take a good look in the next few days. We're going to follow all advice and hit these forms at the same time. Thanks to everybody for today's answers. Much appreciated. I did know about the 3-1 ratio and that is all fine.

[trailmix 77]

I'll take a good look in the next few days. We're going to follow all advice and hit these forms at the same time. Thanks to everybody for today's answers. Much appreciated. I did know about the 3-1 ratio and that is all fine.

(hint, the part about property as assets is on page 9 of the instructions )