What documention quailfies in showing the value of a real estate asset for i-864 besides and new appraisal?

[anotheralex 0]

Hello,

 

I have a family member who is my joint sponsor and they don't feel comfortable showing their bank account but will show the value of their home. The question is what are the different way that are acceptable in showing the value of the home besides getting a costly new appraisal?

Would a recent property tax bill from the city showing an old assessment amount of 600k on the bill be acceptable?

Or would a recent  300k reverse mortgage offer from a company also be acceptable?

[Crazy Cat 45,708]

Using a primary home as an asset is problematic.  Sufficient income is a much better method.

[OldUser 10,846]

4 minutes ago, Crazy Cat said:

Using a primary home as an asset is problematic.  

Primary residence is not taken into account at all, as far as I know

[anotheralex 0]

They are retired so they have no income. What would be the least amount of cash they would need to show that would not be problematic? 

[Crazy Cat 45,708]

11 minutes ago, anotheralex said:

They are retired so they have no income. What would be the least amount of cash they would need to show that would not be problematic? 

I would find another joint sponsor with sufficient income.  

Edited 15 hours ago by Crazy Cat

[OldUser 10,846]

25 minutes ago, anotheralex said:

They are retired so they have no income. What would be the least amount of cash they would need to show that would not be problematic? 

Assets are routinely ignored. Some may tell you otherwise, but if I was you I wouldn't be attempting it, as it may lead to RFE, delays etc. The path of least resistance is a sponsor with qualifying income.

[anotheralex 0]

Is social security counted? because that's  24k a  year already which gets us really close. If so, what documents does USCIS require as proof because it's not fully counted on income tax forms since only half is taxable.

 

because if we can utilize the full 24k from social security annually + 45k cash in the bank + 600k in house value free and clear, would that be enough?

[OldUser 10,846]

3 hours ago, anotheralex said:

+ 600k in house value free and clear, would that be enough?

Forget about using primary residence as asset, it won't be considered

[OldUser 10,846]

What's the joint sponsor's household size? Household size is spouse (if filing taxes Married Filing Jointly) + any dependants + anybody they sponsor or sponsored who is still not a citizen or hasn't earned 40 quarters of social security.

 

So let's say his income is 24K and his household size is 3 (sponsor + their spouse + immigrant they're sponsoring).

 

The 125% is $33312 as per https://www.uscis.gov/i-864p

 

Now the difference between $24000 and $33312 is $9312. To use assets, it must be 5 times the difference. 5 x $9312 = $46560

 

So $45k in bank would not be enough.

 

Also, you don't want somebody who barely qualifies. You need somebody who clearly qualifies. For example, somebody with household size of 3 and $50000+ active income, or better $80000-100000 in expensive areas like Bay Area, New York etc. Then adjudicator will be convinced they can sponsor somebody.

 

 

 

Edited 10 hours ago by OldUser