I-134 and real estate

[norotonfd 1]

I own more than one home. Do I put the value of both my houses on line 7 of my I-134? It only has space for listing one address.

Also my houses are worth more than double what I paid. What do I use to show current value as stated in question 7 about real estate?

Thanks

[motu 6]

First of all you do not need to disclose your assets unless you are using them to meet the 125% of poverty level requirements. Most of us qualify using our income alone (It's only $16,500 a year for 2 people!) Check here http://aspe.os.dhhs.gov/poverty/06poverty.shtml

Second - if you are using your assets e.g. homes to qualify then you can do one of two things

1) Use the property tax statement to establish the value (yes its understated on those) and your mortgage statement (we get this annually for filing income taxes) to establish your debt - the difference is your equity.

Or 2) Get an appraisal done and submit that for the market value and then subtract the mortgage owed for the remaining equity.

Ah! How much will you need to establish? The rule of thumb is 5 times the annual requirement so $82,500 worth of equity for 2 people. Good Luck

[sadie33138 0]

First of all you do not need to disclose your assets unless you are using them to meet the 125% of poverty level requirements. Most of us qualify using our income alone (It's only $16,500 a year for 2 people!) Check here http://aspe.os.dhhs.gov/poverty/06poverty.shtml

Second - if you are using your assets e.g. homes to qualify then you can do one of two things

1) Use the property tax statement to establish the value (yes its understated on those) and your mortgage statement (we get this annually for filing income taxes) to establish your debt - the difference is your equity.

Or 2) Get an appraisal done and submit that for the market value and then subtract the mortgage owed for the remaining equity.

Ah! How much will you need to establish? The rule of thumb is 5 times the annual requirement so $82,500 worth of equity for 2 people. Good Luck

For value of property, you can also use an Opinion of Value letter from a real estate agent, would be less costly than an appraisal. (Mine was free as I knew the agent and he had seen my condo)

If your income is less than $16,500, say for example you make $15,000 annually, you would need to show assets of 5 times $1500 It is five times the difference between your income and the $16,500. Read the Evidence of Assets section in the instructions for the I-864.

Edited June 9, 2006 by sadie33138

[Joey559 1]

Ok, I just want to verify before I make my mother gather info. she doesn't need:

I make over $16,500 a year but we're just hedging our bets and having my mother sign on as a co-sponsor now just because I want to be extra safe. Two of everything - just call me NASA. We'll also be living with her for the first six months or so and I think it shows her support that she's willing to serve as a sponsor. She also makes over $16,500 and her financial advisor has also given me a short list of her assets to include. As she has more than enough at that point, can we leave the real estate she owns off then? And where it says, "I own real estate in the value of $xxxx" can she just put N/A in there and it won't be considered lying? If we dont' have to put it then she doesn't have to gather supporting documents and frankly that would be GREAT.

Thanks, guys!

Joey