Financial Affidavit: Difference between Asset and Income

[JTM123 0]

Hello everyone,

First off, I am John I just joined the forum. Very happy to be here. I have been visiting this site ever since I first filed for my wife. Now the I-130 is approved NVC has taken over the case.

After reading several threads on financial affidavit, I am very confused.

Is there a difference between "Income" (Question 24 on Form I-864) and "Asset"(Question 26 on Form I-864)? In otherwords, say if i do not have a savings (Asset) of over $16500*, can I use my income as a backup to qualify?

Ok, may be I should give an example; say I have an income of $70,000 and a savings of just $5,000, can I still qualify? Or should I have an "Asset" (Savings) of over $16500* (House hold size = 2), as per the 125% rule, to qualify?

Several threads implied that I should have an "Asset" (Not income) of over $16500 (House hold size = 2) to qualify. Other threads are giving me the impression that my salary (Income) should be above $16500 (Holly and Brett thread for example).

Thank you in advance for your help regarding this topic.

John

Footnote

* http://www.visapro.com/Immigration-Articles/?a=394&z=64

Edited July 10, 2007 by JTM123

[SWA2 1]

Hello everyone,

First off, I am John I just joined the forum. Very happy to be here. I have been visiting this site ever since I first filed for my wife. Now the I-130 is approved NVC has taken over the case.

After reading several threads on financial affidavit, I am very confused.

Is there a difference between "Income" (Question 24 on Form I-864) and "Asset"(Question 26 on Form I-864)? In otherwords, say if i do not have a savings (Asset) of over $16500*, can I use my income as a backup to qualify?

Ok, may be I should give an example; say I have an income of $70,000 and a savings of just $5,000, can I still qualify? Or should I have an "Asset" (Savings) of over $16500* (House hold size = 2), as per the 125% rule, to qualify?

Several threads implied that I should have an "Asset" (Not income) of over $16500 (House hold size = 2) to qualify. Other threads are giving me the impression that my salary (Income) should be above $16500 (Holly and Brett thread for example).

Thank you in advance for your help regarding this topic.

John

Footnote

* http://www.visapro.com/Immigration-Articles/?a=394&z=64

John -

There are two ways you can qualify for an Affidavit of Support. Most people file an Affidavit of Support based on income. To qualify you must make 125% above the poverty level. The $16,500 figure you have is wrong. For the year 2007 the amount must be $17,113. Here is the latest government link where you can get that information.

http://travel.state.gov/visa/immigrants/info/info_1327.html

The second way you can qualify for an Affidavit of Support is based on assets rather than income. In my case I had to use this instead of income because I was unemployed at the time I prepared my Affidavit of Support. With no income, I needed to file an Affidavit of Support based on assets with a value 5 times above the $17,113 level or a minimum of $85,565. In my case the equity in my house alone was well above the minimum level. Here is the latest government link to that information.

http://travel.state.gov/pdf/I-864GenInfo-FAQ-Final.pdf

Here's the direct quote from the link.

What Cash Value of Assets is Needed?

To be counted, the cash value of assets must equal five times the difference between the sponsor's income and 125 percent of the poverty line for the household size.

For example, a petitioner/sponsor with a household size of four and an income of $18,000 would need assets equal to five times the difference between his/her income and the income required for a family of four at the current federal poverty guidelines level. He/she would also need to show evidence of mortgages, liens, and liabilities against the assets.

If your income is above the $17,113 minimum you can file an Affidavit of Support based on income alone. If you don't have enough income you can use assets to make up the difference, but assets only count 1/5 the value of income. I hope the links and above information will clear it up for you.

[JTM123 0]

ahh. ok i got it now. so you can use either income or asset (say one doesn't have a job but enough wealth). thanks

[Yodrak 7]

JTM,

Sounds like you need to read the instructions and detailed instructions than come with the I-864. Your questions are answered there.

Yodrak

Hello everyone,

First off, I am John I just joined the forum. Very happy to be here. I have been visiting this site ever since I first filed for my wife. Now the I-130 is approved NVC has taken over the case.

After reading several threads on financial affidavit, I am very confused.

Is there a difference between "Income" (Question 24 on Form I-864) and "Asset"(Question 26 on Form I-864)? In otherwords, say if i do not have a savings (Asset) of over $16500*, can I use my income as a backup to qualify?

Ok, may be I should give an example; say I have an income of $70,000 and a savings of just $5,000, can I still qualify? Or should I have an "Asset" (Savings) of over $16500* (House hold size = 2), as per the 125% rule, to qualify?

Several threads implied that I should have an "Asset" (Not income) of over $16500 (House hold size = 2) to qualify. Other threads are giving me the impression that my salary (Income) should be above $16500 (Holly and Brett thread for example).

Thank you in advance for your help regarding this topic.

John

Footnote

* http://www.visapro.com/Immigration-Articles/?a=394&z=64