2 very quick and very urgent questions

[Wayne-Rachel 8]

$3 in assets for every $1 under the guidelines. For a family of two he needs to earn $18,000 + (125% of guidelines unless he is active duty military) He is $6000 short and needs about $20,000 in the bank to make up for this, OR $20,000 in other assets.

With respect to "other assets" Does a house that is being purchased under mortgage count towards assets? or does the US Gov't see that house as being owned by the bank?

[thelastpetitioner 218]

With respect to "other assets" Does a house that is being purchased under mortgage count towards assets? or does the US Gov't see that house as being owned by the bank?

since you can get different loans with the house,the primary residence does count as an asset

[pushbrk 13,584]

With respect to "other assets" Does a house that is being purchased under mortgage count towards assets? or does the US Gov't see that house as being owned by the bank?

In such a case, the "asset" would be the difference between what you can sell the house for and what you owe, or the "equity". If it's your primary residence, it's not going to be considered "liquid". Read the I-864 instructions with regard to using assets.

[JimVaPhuong 4,864]

What about submitting some family photographs (photo copies of course)with the package? I mean the requirement for "evidence of engagement".

We discussed this in another conversation. The kind of evidence you're talking about is required at the interview. I'm not aware of any consulate that requires or even suggests you submit this type of evidence in response to packet 3.

In such a case, the "asset" would be the difference between what you can sell the house for and what you owe, or the "equity". If it's your primary residence, it's not going to be considered "liquid". Read the I-864 instructions with regard to using assets.

I'm curious about this. I've read the I-864 instructions numerous times, and they seem to clearly indicate that you can declare the equity in your "primary residence" as an asset. The I-864 instructions specifically use the term "your home". A house you own but don't live in would not be "your home". The instructions also specifically say you can't declare your only car as an asset, but they don't state this qualifier for your home.

Have you seen USCIS or a US consulate refuse to consider the equity in a home if it was the sponsor's primary residence?

[Tahoma 2,298]

In such a case, the "asset" would be the difference between what you can sell the house for and what you owe, or the "equity". If it's your primary residence, it's not going to be considered "liquid". Read the I-864 instructions with regard to using assets.

A home equity line of credit should satisfy the liquidity requirement.

[VeraVimes 5]

I just wanted to chip in and say that I'm so happy to see things are still moving in the right direction for you. I keep checking here to see what's up! I'm sure you're completely stressed out and busy with this, so all I'll say is good luck and I've got my fingers crossed more than ever that things work out. Keep your chin up! xxxx Vera

[pushbrk 13,584]

We discussed this in another conversation. The kind of evidence you're talking about is required at the interview. I'm not aware of any consulate that requires or even suggests you submit this type of evidence in response to packet 3.

I'm curious about this. I've read the I-864 instructions numerous times, and they seem to clearly indicate that you can declare the equity in your "primary residence" as an asset. The I-864 instructions specifically use the term "your home". A house you own but don't live in would not be "your home". The instructions also specifically say you can't declare your only car as an asset, but they don't state this qualifier for your home.

Have you seen USCIS or a US consulate refuse to consider the equity in a home if it was the sponsor's primary residence?

I have. The kicker is in the word "consider" as in HOW it is considered. There are many factors involved, as in "totality of circumstances". If the supposedly "qualified sponsor" is your 80 year old Mother, using the equity in her primary home to qualify as sponsor, would you not expect a Consular officer to consider liquidating that home to unduly harm the sponsor or their family? That's just one example. That they won't count your only car, uses the same principle. The totality of the circumstances will rule the day when a Consular officer decides HOW to consider equity in the family home as a "liquid" asset.

Somebody mentioned a home equity line of credit to show liquidity. If you lose your job tomorrow, you line of credit could be pulled, and/or you could default on the line of credit and lose your home. No, a line of credit is not considered "liquidity" in this context.

[pushbrk 13,584]

I have. The kicker is in the word "consider" as in HOW it is considered. There are many factors involved, as in "totality of circumstances". If the supposedly "qualified sponsor" is your 80 year old Mother, using the equity in her primary home to qualify as sponsor, would you not expect a Consular officer to consider liquidating that home to unduly harm the sponsor or their family? That's just one example. That they won't count your only car, uses the same principle. The totality of the circumstances will rule the day when a Consular officer decides HOW to consider equity in the family home as a "liquid" asset.

Somebody mentioned a home equity line of credit to show liquidity. If you lose your job tomorrow, you line of credit could be pulled, and/or you could default on the line of credit and lose your home. No, a line of credit is not considered "liquidity" in this context.

In an opposite example, somebody who is temporarily underemployed with a good earning history, may have a long list of assets including home equity. When they are deemed "qualified" you'll never know HOW their home equity was actually considered. It's a judgment call. Equity in the primary residence is a good thing, but not "liquid" in many cases. It depends on the circumstance.

Say you are a family of two living in say Denton Texas with $650,000 equity in a primary residence as your only asset. That would be liquid, in that you could sell the expensive house, buy a new smaller one and have maybe a couple hundred grand in cash. Everything is relative. Circumstances matter.