poverty income requirementsHi e

[sevie 0]

Hello everyone, I'm new to this board and I have a question about the income requirement. well, I quit my job 3 years ago and since then I've been traveling. Now, I met someone(Guatemala) and I want to start the k1 process, but I have no proof of income. I was wondering if I can use my cash and assets in lieu of the w2 income? I have a significant amount of cash available and I own my home mortgage free.

I doubt it very much if I can find a job before the start of the interview to use.

My problem is with the form I 864 because I really don't know anyone that will take on that type of responsibility for me and my siblings always ask me to co sign for items for them and I always tell them no, so it's unlikely they will do it.

[TwoCats 55]

Hello everyone, I'm new to this board and I have a question about the income requirement. well, I quit my job 3 years ago and since then I've been traveling. Now, I met someone(Guatemala) and I want to start the k1 process, but I have no proof of income. I was wondering if I can use my cash and assets in lieu of the w2 income? I have a significant amount of cash available and I own my home mortgage free.

I doubt it very much if I can find a job before the start of the interview to use.

My problem is with the form I 864 because I really don't know anyone that will take on that type of responsibility for me and my siblings always ask me to co sign for items for them and I always tell them no, so it's unlikely they will do it.

Poverty Guidelines: LINK

I-864 Instructions: LINK

Quoted from the above:

"Assets may suppliment income if the consular or immigration officer is convinced that the monetary value of the asset could reasonably be made available to support the sponsored immigrant and converted into cash within one year without undue harm to the sponsor or his or her family members."

"In order to qualify based on the value of your assets, the total value of your assets must equal at least five times the difference between your total household income and the current poverty guidelines for your household size. However, if you are a U.S. 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."

Edited February 22, 2011 by TwoCats

[sevie 0]

thanks for the links 2cats.

[Anh map 2,098]

You will use the form I-134 to support the K1 petition. After marriage at the Adjustment of status phase the I-864 will be used. Most consulates follow the I-864 requirements when evaluating the I-134. And the I-864 instructions are much more thorough.

Assets are considerd at a 3:1 ratio. And the assets must be easily converted into cash within 1 year without causing undue harm to the holder. That's where the type of asset used can be tricky.

A home owned free and clear will be more likely accepted than one with a significant mortgage balance. Retirement accounts with substantial penalties for early withdrawls may not be accepted as quickly as a stock portfolio.

And of course, cash holdings are king.

[sevie 0]

You will use the form I-134 to support the K1 petition. After marriage at the Adjustment of status phase the I-864 will be used. Most consulates follow the I-864 requirements when evaluating the I-134. And the I-864 instructions are much more thorough.

Assets are considerd at a 3:1 ratio. And the assets must be easily converted into cash within 1 year without causing undue harm to the holder. That's where the type of asset used can be tricky.

A home owned free and clear will be more likely accepted than one with a significant mortgage balance. Retirement accounts with substantial penalties for early withdrawls may not be accepted as quickly as a stock portfolio.

And of course, cash holdings are king.

thank you for the info. I own my home free an clear and should have about 37k more or less in the next year or so if I don't go over my budget available as cash.

I hope this will satisfy the embassy because if not I'm screwed.

Edited February 23, 2011 by sevie

[SophWeb 25]

thank you for the info. I own my home free an clear and should have about 37k more or less in the next year or so if I don't go over my budget available as cash.

I hope this will satisfy the embassy because if not I'm screwed.

You can also get a co-sponsor.