Using a home as an asset for joing sponsor

[halfamill 1]

The joint sponsor makes around $27k which is slightly above the 21,775 for household of 2. The joint sponsor wants to add the value of the sole home owned. Will this improve chances of approval? Is it worth getting a professional appraisal or is a tax assement or assement roll good enough?

[Letspaintcookies 2,208]

Is it the home the joint sponsor is living in? I'm not completely certain but I think this won't work since it would leave the sponsor without a home in case he would have to make it to money to help the beneficiary. Just like a car wouldn't work as asset in case it's the only car. 

 

Like I said I'm not 100% sure about it but that's what I recall. 

[Boiler 43,451]

Is this an investment property?

[halfamill 1]

36 minutes ago, Letspaintcookies said:

Is it the home the joint sponsor is living in? I'm not completely certain but I think this won't work since it would leave the sponsor without a home in case he would have to make it to money to help the beneficiary. Just like a car wouldn't work as asset in case it's the only car. 

 

Like I said I'm not 100% sure about it but that's what I recall. 

Yes it's the home the sponsor is living in.

[Boiler 43,451]

So not relevant.

[SalishSea 16,776]

12 hours ago, halfamill said:

Yes it's the home the sponsor is living in.

They will not accept that in lieu of income.

[SusieQQQ 11,584]

It’s a little dicey. The instructions do say you can use the (net) value of your home; see what you have to do show what that value is in the extract from i864 instructions below (no, a tax assessment is not good enough). But they also say that assets must be able to be converted into cash within a year without hardship to the sponsor, which is questionable if it is your actual home. 

 

Part 7. Use of Assets to Supplement Income (Optional)
Only complete Part 7. if you need to use the value of assets to meet the income requirements. If your Current Annual Household Income (indicated in Part 6., Item Number 15.) is equal to or more than needed to meet the income requirement as shown by the current Federal Poverty Guidelines (Form I-864P) for your household size (indicated in Part 5., Item Number 8.), you do not need to complete Part 7. If your total household income does not meet the requirement, you may submit evidence of the value of your assets, the sponsored immigrant’s assets, and/or assets of a household member that can be used, if necessary, for the support of the intending immigrants. The value of assets of all of these persons may be combined in order to meet the necessary requirement.
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.

 

 

 

Edited May 29, 2021 by SusieQQQ

[Villanelle 4,121]

As explained in detail above by  @SusieQQQ people have had mixed results using their primary home as an assets. Some people are able to use it and submit basic evidence they generated for free like Zillow report, tax assessments, mortgage balance documents, deed etc. Other people pay for a professional appraisal and are rejected.

 

The joint sponsor qualifies w/o the assets if their income is as an employee (so they get W2s) at 27k/yr. Yes, they are not over by that much but people are typically approved with that amount, especially if they have a steady earnings history from the last 3 years. I understand wanting to strengthen the application just in case so if you insist on adding the assets I would suggest using the free type evidences for it I described above. 

 

When they review the 864 if its approvable they will approve it. When its approvable you dont hear anything back. When its not you get an RFE. So if they dont feel the 27k is stable enough for approval (which would be a bit odd as it is over the threshold. It would have to be rejected due to unstable work history or age of people involved or some other unusual factor you are failing to disclose here)so if they feel the income is not enough and are looking at your claimed assets and dont consider your Zillow/tax evidence/deed sufficient to use the home as an asset -you would get an RFE  and have to decide at that point in time if its better to find a new joint sponsor or pay for a professional appraisal/statement from a realtor about the value of the home.  The former is most likely the better option as if they still reject the asset you wont get another RFE on the matter, you would be denied. So its not going to hurt you to try to list the home as an asset and use zillow/tax records to support its value. 

[pushbrk 12,119]

It will not "HURT" to declare and document equity in the primary home.  It MIGHT help.