I-864 How to get market value of the House in the U.S.

[lisa0932 0]

hi everyone. i am new to this. my problem is:

my mom is in the U.S. and i recently became a citizen and i need to file for her to get your G.C. but my income didn't meet the Poverty line so, what can i do?

I notice that some of your guys use cash values, etc. but i dont have a lot in cash value because my mom and i just bought a house a few years ago in Brooklyn.

Can i use our house as the asset? and how do i get the market value of the house that i need to send in to the USCIS?

do i go to the bank that i got the mortgage from or the broker that i get my loan from or do i need someone to appraise the value of my home again?

can anyone be kind to help me please..............

thanks

[Inky 1,110]

If you use your house you have to prove you can sell it on the spot if something happend thats why its called liquid assets. I would recomend getting a co-sponcer instead of using the house.

[JimVaPhuong 4,863]

The equity in your home can be used as a qualifying asset, since it's assumed you would be able to "cash out" that equity with a home equity loan or line of credit.

"Equity" is the difference between what your home is worth on the current market and the total amount of any "incumbrances", which means mortgages or liens. You can get statements from your mortgage company (or "companies" if you have more than one loan) to determine your current debt on the home. You can determine the current market value of your home by hiring a certified appraiser. Your equity is the current value minus the current debt. USCIS will only accept an appraisal from a certified appraiser as proof of your home's value.

If you bought the home in the past few years then you probably have little equity, if any. Most homes have lost value in the past two years - some have lost SUBSTANTIAL value. Even if your home has maintained it's value, you might not have even paid off the initial purchase fees yet - escrow, title insurance, mortgage broker's commission, closing costs on the loan, whatever. Even in a normal real estate market, most people aren't in the "black" for a year or two after buying their home. This current market is far from normal.

According to Trulia.com, the median home price in Brooklyn peaked in the second half of 2007 at $617K, and has since dropped to about $525K. If you have any equity at all you can consider yourself very lucky.

[Brad and Vika 129]

Duplicate topic to OP in unrelated forum removed.

[Anh map 2,098]

The form instructions are always a good source of information.

From the I-864 instructions (page 8):

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, this, 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.