The $64,000,question- How much home equity needed to sponsor?

[SusieQQQ 11,587]

18 minutes ago, healthteacher said:

USC recently filed I-130 for bringing an

USC, recently filed I-130 for an adult unmarried child from Italy.

Category F2B, they are currently processing petitions filed by mid May 2013. You have a long time to wait. It tends to get longer over time so maybe 7 years. If the child gets married in the interim, add another 7 years or so on to that.

[Jeanne Adil 1,651]

45 minutes ago, healthteacher said:

Actually we own more than one paid-for property, so it sounds like in that case the home equity of one should be sufficient?

Its just there is very little income at the moment, so I am trying to use a worst case scenario as an example.

At what point in the process of bringing a relative does the I-864 sponsorship form need to be submitted?

Thanks!

sufficient if you can prove you can liquidate it within a year as said in instructions

I 864 is submitted at NVC stage

and the appraisal has to be recent 

[NikLR 13,232]

1 hour ago, healthteacher said:

Do you really think selling your home and pocketing upwards of $100,000 in equity would be considered a hardship?

There seems to be a slight uncertainty about whether or not home equity qualifies, and this shows in other posts as well.

"Generally speaking" is cool too, but does anyone have something in the regulations they can quote?

Thanks!

It depends on the equity on the home.  It depends if you can afford the rent in the area after selling the home .  Depends if you could afford to buy a new home.  There's a great deal "it depends" and it's based on the CO at the time of interview.   There is a black and white cut off but "undue hardship" can be subjective.

 

For instance I have over 100k equity in my home BUT I could not buy a home for less than I could sell mine for in this area and rent is easily $1500+ a month for a one bedroom apartment.  So it may cause undue hardship on us to sell our home.  On the flip side I have 3 cars currently, down from 5.  So at least 2 cars would be allowed to be counted as assets, BUT only one of those has actual equity since it's worth twice the lien value (if not more.) 

 

However, as you've pointed out, you haven't really read the I-864 instructions, and this really isn't an issue for you for probably 7-10 years. 

[healthteacher 18]

2 minutes ago, adil-rafa said:

sufficient if you can prove you can liquidate it within a year as said in instructions

I 864 is submitted at NVC stage

and the appraisal has to be recent 

Perhaps if someone had lots of equity in their home and a line of credit available to use that money, would a sale still be necessary?

How about if they had a reverse mortgage?

Not sure how they would gauge how long it would take to sell your house,perhaps they would use average time on market for homes in the area?

Would a full blown FHA-type appraisal be required? Appraisals can be pricey, I'm wondering if the local county valuation for tax purposes would be sufficient, as they are supposed to also be done by qualified professionals, and usually more conservative than an FHA appraisal.

 

Just thinking about the income requirements to sponsor a relative- Requiring 5x poverty limit for someone (Can be over $125,000 year income)

that strikes me as being a huge roadblock for the average person, unless you have a TON of home equity or other assets.Its amazing so many people can still do it.

 

[Jeanne Adil 1,651]

13 minutes ago, healthteacher said:

Perhaps if someone had lots of equity in their home and a line of credit available to use that money, would a sale still be necessary?

How about if they had a reverse mortgage?

Not sure how they would gauge how long it would take to sell your house,perhaps they would use average time on market for homes in the area?

Would a full blown FHA-type appraisal be required? Appraisals can be pricey, I'm wondering if the local county valuation for tax purposes would be sufficient, as they are supposed to also be done by qualified professionals, and usually more conservative than an FHA appraisal.

 

Just thinking about the income requirements to sponsor a relative- Requiring 5x poverty limit for someone (Can be over $125,000 year income)

that strikes me as being a huge roadblock for the average person, unless you have a TON of home equity or other assets.Its amazing so many people can still do it.

 

to you yes,  to immigration,  it says show you can easiely liquidate it within a year

it doesn't specify FHA appraisal ,  it only needs to be licensed appraiser (none of them are cheap)

most do not try assests as getting property appraised and all the other documents is costly/  they tend to go for cosponsor

 

as for being a huge roadblock,  we all say on here

this is not fast

this is not easy

this is not cheap

unforuntely this is not know to most who "fall in love"

or think to study in the USA or any other visa

Edited June 2, 2019 by adil-rafa

[SusieQQQ 11,587]

25 minutes ago, healthteacher said:

Perhaps if someone had lots of equity in their home and a line of credit available to use that money, would a sale still be necessary?

How about if they had a reverse mortgage?

Not sure how they would gauge how long it would take to sell your house,perhaps they would use average time on market for homes in the area?

Would a full blown FHA-type appraisal be required? Appraisals can be pricey, I'm wondering if the local county valuation for tax purposes would be sufficient, as they are supposed to also be done by qualified professionals, and usually more conservative than an FHA appraisal.

 

Just thinking about the income requirements to sponsor a relative- Requiring 5x poverty limit for someone (Can be over $125,000 year income)

that strikes me as being a huge roadblock for the average person, unless you have a TON of home equity or other assets.Its amazing so many people can still do it.

 

Yes, a proper appraisal would be required. Honestly - look at this in context. You’re talking about using home equity to sponsor an immigrant, you’re trying to say there will be no undue hardship, but you’re worried about the cost of an appraisal?

 

also, you are conflating the income and asset requirements. The income requirement for a household of 3 is 125% of the poverty line (currently, just under $27k a year, which is ridiculously low for many areas). And it’s only 5 times the limit for assets if there is no income, otherwise it’s the difference between the two. Again, please read the instructions...this is all in there.

Edited June 2, 2019 by SusieQQQ

[Mollie09 1,543]

Also, none of this is relevant for the next 6-7 years, things are likely to change in that time

[JISnJRS 22]

2 hours ago, NikLR said:

generally speaking only homes are not considered as assets either, and primary cars are not allowed.  Anything that would cause undue hardship to the USC/LPR to lose. 

Paid in full for the vehicle and house, doesnt count for squat? just curious.. not even for the DS-261?

[Crazy Cat 42,288]

3 minutes ago, Luk Dit Mo said:

Paid in full for the vehicle and house, doesnt count for squat? just curious.. not even for the DS-261?

The requirement is that it can be liquidated within one year, and does not case hardship to the sponsor....

[healthteacher 18]

7 minutes ago, Mollie09 said:

Also, none of this is relevant for the next 6-7 years, things are likely to change in that time

So true. Sometimes you wonder what will happen to the existing I-130s applicants if they ever change from the family based system as proposed.

Honestly, I dont anticipate any problems with the I-864 at all if yearly income required is only in the 20's. Thanks for the clarification.

Will go read now

[NikLR 13,232]

1 minute ago, Luk Dit Mo said:

Paid in full for the vehicle and house, doesnt count for squat? just curious.. not even for the DS-261?

DS-261 is the Online choice of address and agent. 

 

A home that is paid for in full or provides equity upon sale, can be used, provided the loss of said asset doesn't cause undue hardship on the sponsor.  A primary vehicle may never be counted.  A secondary vehicle may be counted as assets. 

[geowrian 22,338]

A primary home can be listed as an asset and considered, assuming appropriate documentation is provided. That said, it would be unreasonable for a CO to believe there would not be an undue hardship to sell a primary home. It is most useful in cases where the home's value supplements income or other assets that are more borderline.

[Lemonslice 4,968]

5 hours ago, healthteacher said:

 

Just thinking about the income requirements to sponsor a relative- Requiring 5x poverty limit for someone (Can be over $125,000 year income)

that strikes me as being a huge roadblock for the average person, unless you have a TON of home equity or other assets.Its amazing so many people can still do it.

 

The current income requirement are different than the amount of assets required in addition/in lieu of current income.  Most people are able to meet the current  income requirements as it is barely over, and sometimes under, the minimum wages in most states.

Again, please read the instructions carefully and take time to understand how it applies to your situation. 

Edited June 2, 2019 by Lemonslice

[Villanelle 4,122]

Every situation is different. I have seen people get approved using their primary home and all they submitted as proof was the Zillow estimate along with their copy of deed. Its going to depend on the totality of the circumstances. It has to be logical and reasonable. They specifically use vague terms like 'hardship' because they are subjective. It is the CO who will decide if its a hardship or not and they do so by looking at the totality of the circumstances. Peoples ages matter, relationships matter, do they have the ability to work? to support themselves as well as someone else? Is the asset being used to cover the whole number or just a portion they are shy of meeting? etc. For someone trying to use a home as an asset I recommend getting a professional appraisal done. That can cost several hundred dollars- as well as use stuff from Zillow to support it. You can always try to qualify on your own with the home as an asset and if they are not satisfied they will RFE you for a co-sponsor. 

[healthteacher 18]

Villanelle- great informative post Thank you!