HOW TO USE HOUSE TO QUALIFY THE INCOME REQUIREMENT

[sammi608612 1]

HI,

 

Preparing I864 FOR MY FRIEND RIGHT NOW. She does not have enough income, but she has a house. How can she use house to meet the I 864 Requirement ?

 

She will have an interview in Boston

 

Thanks,

[acajim 16]

I used the house when I applied, I don't know if your friend has a mortgage or if the house is paid off. My case was easier, because our house is paid off and I sent just the deed. If there is a mortgage, then you need to send more evidence. The net cash value is the market value minus any loan, lien, etc. I kept the instructions and here is the section you need, good luck to your friend.

 

 

 

Only assets that can be converted into cash within one year and without considerable hardship or  nancial loss to the owner may be included. The owner of the asset must include a description of the asset, proof of ownership, and the basis for the owner’s claim of its net cash value.

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, then 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. You may not include the net value of an automobile unless you show that you have more than one automobile, and at least one automobile is not included as an asset.

 

Item Numbers 1. - 4. Assets. To use your own assets, you must complete Part 7., Item Numbers 1. - 4. and submit corresponding evidence with this af davit. Supporting evidence must be attached to establish location, ownership, date of acquisition, and value of any real estate holding.