asset value

[motoflatdrag 0]

Part 7 of the I-864 form, #29 states..."In order to qualify based on the value of your assets, the total value of the assets must equal at least five times the difference between your total household income and the current poverty guidelines for your household size". Then it states "However, if you are a US citizen and you are sponsoring your spouse or minor child, the total value of your assets must only be equal to at least three times the difference".

I am a US citizen trying to sponsor my spouse. My house is paid for and has no mortgage. Sounds like I can use 1/3 of my house net value as my asset value. True or false? Thanks for your help.

[pushbrk 13,073]

Part 7 of the I-864 form, #29 states..."In order to qualify based on the value of your assets, the total value of the assets must equal at least five times the difference between your total household income and the current poverty guidelines for your household size". Then it states "However, if you are a US citizen and you are sponsoring your spouse or minor child, the total value of your assets must only be equal to at least three times the difference".

I am a US citizen trying to sponsor my spouse. My house is paid for and has no mortgage. Sounds like I can use 1/3 of my house net value as my asset value. True or false? Thanks for your help.

True.

[Fedup 0]

Part 7 of the I-864 form, #29 states..."In order to qualify based on the value of your assets, the total value of the assets must equal at least five times the difference between your total household income and the current poverty guidelines for your household size". Then it states "However, if you are a US citizen and you are sponsoring your spouse or minor child, the total value of your assets must only be equal to at least three times the difference".

I am a US citizen trying to sponsor my spouse. My house is paid for and has no mortgage. Sounds like I can use 1/3 of my house net value as my asset value. True or false? Thanks for your help.

Not sure what do you mean.. you can use 100% of your assets, including your home net value.

It just has to be over the 3X difference between your annual taxable income and poverty guide for the household.

example: your taxable income is 12,000 , poverty level is 17500 for your household size (2 people). Then you need 17500-12000=5500 X3 = 16500 in assets to qualify.

Your house net value should be over 16500.

hope that helps.

[pushbrk 13,073]

Part 7 of the I-864 form, #29 states..."In order to qualify based on the value of your assets, the total value of the assets must equal at least five times the difference between your total household income and the current poverty guidelines for your household size". Then it states "However, if you are a US citizen and you are sponsoring your spouse or minor child, the total value of your assets must only be equal to at least three times the difference".

I am a US citizen trying to sponsor my spouse. My house is paid for and has no mortgage. Sounds like I can use 1/3 of my house net value as my asset value. True or false? Thanks for your help.

Not sure what do you mean.. you can use 100% of your assets, including your home net value.

It just has to be over the 3X difference between your annual taxable income and poverty guide for the household.

example: your taxable income is 12,000 , poverty level is 17500 for your household size (2 people). Then you need 17500-12000=5500 X3 = 16500 in assets to qualify.

Your house net value should be over 16500.

hope that helps.

Right, with regard to the form, you list the full assets and the full income and they'll do the math. With regard to calculating for yourself whether it's enough, use the 1/3 formula they'll use.

Edited August 26, 2008 by pushbrk