Financial Concerns

[Ja&Jo 1]

My Fiance (petitioner) for the K1 visa has income under the poverty level for the past 4 years. Due to part-time work, taking a leave of absence for a year, and caretaking his mother for this past year.

He does have over 300,000 dollars in assests. He lives with his mother and owns a car. I am wondering if he can still qualify as my sponser or do we need to get a co-sponser. We both live really simply and together could live on $20,000 per year

Thanks for your help!

[amituttam82 5]

Doesn't matter what you think your budget can be. What matters is 120% of poverty line or 4 times that in assets if no income. In your case on the face of it you seem to have assets but they can question how liquid the asset is. Because in the end this requirement is to make sure you will not be a ward of the state. A home for example may qualify but depending upon the interviewer may lead to more questions. I would recommend getting a co-sponsor if at all possible. These guys operate on flags. Give them all green flags and your life will be easier. Give them yellow and red flags such as low income and they can easily reject you with very little explanation and recourse. You may engage an attorney but considering your financial situation it may not be an option.

[Ja&Jo 1]

The $300,000 is investments in the bank. Would that be solid enough evidence for enough assets?

[KayDeeCee 4,900]

$20,000 is enough to meet the income requirement for 2 people. You mention that amount. If that is what he makes, that is enough. 125% of the poverty level for a household size of 2 is $19,387. If his assets can be easily liquified, then those can be used too or even on their own. However, with what income he makes part time, $300,000 in assets is more than enough to cover any shortcoming in the income he may have.

Just for informational purposes, if the car is his only vehicle, it cannot be used. You can only use a second car as an asset.

[Ja&Jo 1]

Thanks Jay-Kay,

From your reply, I'm feeling that we don't need to get a joint-sponsor. The one concern is that he made very little money last year because he was caretaking his mother and she paid for everything. He doesn't have any proof of this besides a letter from his mom. Do you think this will throw up a red-flag? Then the 3 years prior his income was under the poverty line. So, we would be relying solely on his assets.

[KayDeeCee 4,900]

It will depend solely on the CO and whether or not they believe you would become a pubic charge. He certainly has enough in assets to qualify but the CO still has the final decision on the matter. If you could find a co-sponsor and have their documentation on hand just in case they think his overall financial situation does not measure up, that might be a good idea. However if he is currently earning enough to meet the requirement, and along with the assets it seems to me a co-sponsor would most likely not be needed.

Edited September 8, 2013 by Jay-Kay

[SDD-CMT 1]

Thanks Jay-Kay,

From your reply, I'm feeling that we don't need to get a joint-sponsor. The one concern is that he made very little money last year because he was caretaking his mother and she paid for everything. He doesn't have any proof of this besides a letter from his mom. Do you think this will throw up a red-flag? Then the 3 years prior his income was under the poverty line. So, we would be relying solely on his assets.

Hi Ja&Jo,

I saw your approval just now, congratulations!!

If you don't mind would you please inform me the last 4 digits of your petition ? Our NOA1 are close to each other. Thanks.

[Samuel5028 2]

Various constraints are there for showing the financial status of person in US at the time of sponsoring a person.

Check the link given below for more details

http://1.usa.gov/7XAkAY

[Ja&Jo 1]

Various constraints are there for showing the financial status of person in US at the time of sponsoring a person.

Check the link given below for more details

http://1.usa.gov/7XAkAY

not sure if I understand what you mean?

Hi Ja&Jo,

I saw your approval just now, congratulations!!

If you don't mind would you please inform me the last 4 digits of your petition ? Our NOA1 are close to each other. Thanks.

9960

[baron555 934]

The $300,000 is investments in the bank. Would that be solid enough evidence for enough assets?

Only part of their value can be applied....unless you cash them in now and make them into solid cash.

Get a cosponsor

[KayDeeCee 4,900]

Only part of their value can be applied....unless you cash them in now and make them into solid cash.

Get a cosponsor

The net cash value of the assets is what will be used. Assets need to be able to be converted to cash within a year. I am not sure what you mean by only part of the value can be applied. They show proof of ownership of the assets and proof of value. That amount is used at 3 or 5 times depending on the consulate/CO to make up for the shortcoming in the USC petitioner's income, since they are only working part time. Even if the net cash value makes it a little lower, it is still a large amount. Using assets alone at 5 times is only $96,935.

The I-864 instructions give details on assets> "Only assets that can be converted into cash within one year and without considerable hardship or financial loss to the owner may be included. The owner of the asset must include a description of the asset, proof of ownership, and the basis for the owner's claim of its net cash value."

All that being said, I think it is a good idea to have a co-sponsor lined up anyway. Not because the assets are not enough, but because the work/income history is shaky and you never know how the CO will see it and what decision they will make on it.

[Ja&Jo 1]

The net cash value of the assets is what will be used. Assets need to be able to be converted to cash within a year. I am not sure what you mean by only part of the value can be applied. They show proof of ownership of the assets and proof of value. That amount is used at 3 or 5 times depending on the consulate/CO to make up for the shortcoming in the USC petitioner's income, since they are only working part time. Even if the net cash value makes it a little lower, it is still a large amount. Using assets alone at 5 times is only $96,935.

The I-864 instructions give details on assets> "Only assets that can be converted into cash within one year and without considerable hardship or financial loss to the owner may be included. The owner of the asset must include a description of the asset, proof of ownership, and the basis for the owner's claim of its net cash value."

All that being said, I think it is a good idea to have a co-sponsor lined up anyway. Not because the assets are not enough, but because the work/income history is shaky and you never know how the CO will see it and what decision they will make on it.

[Ja&Jo 1]

Thanks for your help.

It looks like my fiance and get his assets converted to cash in a few weeks. He will lose a little money on his assets ( he's not sure how much) and he will have to pay taxes.

From the I-864 instruction "Only assets that can be converted into cash within one year and without considerable hardship or financial loss to the owner may be included. The owner of the asset must include a description of the asset, proof of ownership, and the basis for the owner's claim of its net cash value." So, I'm not sure if his assets will be of use if he will lose a little money on them? Does anyone have suggestions.

We can't find a co-sponser, so we are a little stuck right now. We did just receive our NOA2!