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healthteacher

The $64,000,question- How much home equity needed to sponsor?

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Hi,

In order for a USC couple to sponsor an adult child, they would need a minimum assets of 3 times the fed 125% poverty limit. ($21,138 for a couple)

So, if the sponsors had no income, they would need to show at least $64,000 equity in their residence to qualify as a sponsor.

Is this correct?

Would they be considered a family of 2 or 3 for income purposes?

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adult child is 5x the income not 3x.  Only an immediate relative (minor child, parent, spouse) are 3x. 


You have brains in your head. You have feet in your shoes. You can steer yourself any direction you choose.  - Dr. Seuss

 

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hi

 

3, so the minimum is over 26k for a household of 3, if there aren't any other dependents

 

you are counting, the petitioner, the spouse and the beneficiary, a household of 3

 

 

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generally speaking only homes are not considered as assets either, and primary cars are not allowed.  Anything that would cause undue hardship to the USC/LPR to lose. 


You have brains in your head. You have feet in your shoes. You can steer yourself any direction you choose.  - Dr. Seuss

 

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3 minutes ago, healthteacher said:

Hi,

In order for a USC couple to sponsor an adult child, they would need a minimum assets of 3 times the fed 125% poverty limit. ($21,138 for a couple)

So, if the sponsors had no income, they would need to show at least $64,000 equity in their residence to qualify as a sponsor.

Is this correct?

Would they be considered a family of 2 or 3 for income purposes?

Primary residence can not be used per my understanding.


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7 minutes ago, NikLR said:

generally speaking only homes are not considered as assets either, and primary cars are not allowed.  Anything that would cause undue hardship to the USC/LPR to lose. 

Do you really think selling your home and pocketing upwards of $100,000 in equity would be considered a hardship?

There seems to be a slight uncertainty about whether or not home equity qualifies, and this shows in other posts as well.

"Generally speaking" is cool too, but does anyone have something in the regulations they can quote?

Thanks!

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33 minutes ago, healthteacher said:

Hi,

In order for a USC couple to sponsor an adult child, they would need a minimum assets of 3 times the fed 125% poverty limit. ($21,138 for a couple)

So, if the sponsors had no income, they would need to show at least $64,000 equity in their residence to qualify as a sponsor.

Is this correct?

Would they be considered a family of 2 or 3 for income purposes?

I think the answer to your question is 3.  The couple plus the sponsored individual.


                               :idea:MSC (National Benefits Center) I-751 filers- Please add your data :idea:                          https://docs.google.com/spreadsheets/d/1Id1duRRByZHJmhEzl9N25GqwzcnUyLCR4e4N9W6zGLg/edit#gid=0

 

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Posted (edited)
28 minutes ago, healthteacher said:

Do you really think selling your home and pocketing upwards of $100,000 in equity would be considered a hardship?

There seems to be a slight uncertainty about whether or not home equity qualifies, and this shows in other posts as well.

"Generally speaking" is cool too, but does anyone have something in the regulations they can quote?

Thanks!

There is no “uncertainty” whether it can be used, only if it causes hardship. Direct from i864 instructions:

 

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.
You may include the net value of your home as an asset. The net value of the home is the appraised value of the home, minus the sum of any and all loans secured by a mortgage, trust deed, or other lien on the home. If you wish to include the net value of your home, then you must include documentation demonstrating that you own it, a recent appraisal by a licensed appraiser, and evidence of the amount of any and all loans secured by a mortgage, trust deed, or other lien on the home. You may not include the net value of an automobile unless you show that you have more than one automobile, and at least one automobile is not included as an asset.

 

https://www.uscis.gov/sites/default/files/files/form/i-864instr.pdf

 

now, you ask if it is converted to cash and you get $100k out of it, how can that be seen as a hardship? Well, if it’s your only main asset and you will need it to fund a few decades of rental, the answer is clear. This will have to depend on your income, etc. I think in most cases, the fact of having to sell a home to meet the i864 requirements implies other assets and earnings are not very high at all and that would probably be taken into account.

 

Edited to add:, your $100k isn’t enough. You need 5x the difference for a household of 3, so with zero income you need $106650 or $133310 net equity (I’m not sure if you use 100% or 125% of the guideline here, but either way it’s over $100k). If that’s all you have and you have nothing left after that - how can you argue it’s not hardship with no income?

Edited by SusieQQQ

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Actually we own more than one paid-for property, so it sounds like in that case the home equity of one should be sufficient?

Its just there is very little income at the moment, so I am trying to use a worst case scenario as an example.

At what point in the process of bringing a relative does the I-864 sponsorship form need to be submitted?

Thanks!

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USC recently filed I-130 for bringing an

5 minutes ago, aleful said:

have you already filed a petition for your child?

 

the affidavit of support is for the NVC stage years after the petition is approved

 

what country are you from?

USC, recently filed I-130 for an adult unmarried child from Italy.

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Posted (edited)

the petition takes over 7 years of waiting

 

so it may take 5 or 6 years for the affidavit of support to be needed,

 

so his or her income might be enough by the time you need to file the affidavit of support, and assets might not even be needed, who knows

 

they are too far away from needing the affidavit of support, so don't worry about it for now

 

 

Edited by aleful

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Posted (edited)
21 minutes ago, healthteacher said:

Just to clarify- Unless it is an immediate relative of a USC, 5X is required, not 3X?

 

Yes. I posted the link to the i864 instructions above. All of this is detailed in there. It is always better to go direct to the source rather than trying to pick up bits and pieces from the internet.  As you have already seen there is confusion in posts about something that is very clearly defined in the official documentation.

Edited by SusieQQQ

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2 minutes ago, SusieQQQ said:

Yes. I posted the link to the i864 instructions above. All of this is detailed in there. It is always better to go direct to the source rather than trying to pick up bits and pieces from the internet.  As you have already seen there is confusion in posts about something that is very clearly defined in the official documentation

A truer word was never spoken.

Thanks for the help!

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