Using Home As Asset?

[ilikepotatoes 57]

My father is very kindly going to be our joint sponsor. He makes enough to meet the income requirements but he’s not way over the minimum requirement and we want to submit more evidence of financial stability. Our house is almost paid off and we read that we can use it as an asset. How do we go about submitting that proof when the time comes? Does the house need to be appraised?

[more00 17]

Is your dad still working or retired 

[ilikepotatoes 57]

9 minutes ago, more00 said:

Is your dad still working or retired 

He’s retired. 

[more00 17]

21 minutes ago, ilikepotatoes said:

He’s retired. 

Because my wife is retired too and she is the one sponsoring me she is using SSA and they did DQ how much is he making 

[ilikepotatoes 57]

35 minutes ago, more00 said:

Because my wife is retired too and she is the one sponsoring me she is using SSA and they did DQ how much is he making 

I honestly don’t feel completely comfortable putting that on a public forum, sorry! We did speak with our lawyer and he said we shouldn’t have a problem with the income requirement. However, I am a worrier (and that’s an understatement lol) and I like to have extra info just in case it’s needed at a later date. I’ve bothered my lawyer a lot lately so I thought I’d ask here lol! I just want to know if we’d need our house appraised or if there’s some other way to determine market value.

[iwannaplay54 985]

House appraisal would work.  Doesn’t specify any required basis but an alternative would the tax appraisal value assuming you live in a state that has property tax.  Tax appraisal value is official and free.

I’m not sure if they will accept a primary home as an asset that can be used for sponsorship.  @pushbrk knows a LOT about preparing support affidavits and what can / cannot be used.

[more00 17]

44 minutes ago, ilikepotatoes said:

I honestly don’t feel completely comfortable putting that on a public forum, sorry! We did speak with our lawyer and he said we shouldn’t have a problem with the income requirement. However, I am a worrier (and that’s an understatement lol) and I like to have extra info just in case it’s needed at a later date. I’ve bothered my lawyer a lot lately so I thought I’d ask here lol! I just want to know if we’d need our house appraised or if there’s some other way to determine market value.

Okay so you mean he can use the retired income right 

[ilikepotatoes 57]

1 hour ago, iwannaplay54 said:

House appraisal would work.  Doesn’t specify any required basis but an alternative would the tax appraisal value assuming you live in a state that has property tax.  Tax appraisal value is official and free.

I’m not sure if they will accept a primary home as an asset that can be used for sponsorship.  @pushbrk knows a LOT about preparing support affidavits and what can / cannot be used.

Thank you for responding. Hopefully it doesn’t mean that you need two homes lol. The instructions on the state department’s website just say you can use the value of your home. 
 

I know this is off topic, but the website also states that educational background is considered. My husband graduated from medical school last year, but I don’t have a degree yet. I am a little more than half way through my program, but haven’t gotten a degree yet. 

[Redro 4,612]

 

11 minutes ago, ilikepotatoes said:

Thank you for responding. Hopefully it doesn’t mean that you need two homes lol. The instructions on the state department’s website just say you can use the value of your home. 
 

I know this is off topic, but the website also states that educational background is considered. My husband graduated from medical school last year, but I don’t have a degree yet. I am a little more than half way through my program, but haven’t gotten a degree yet. 

The instructions state if you're using the value of a car it should not be the primary vehicle (As that could cause hardship).

 

Here are the instructions about using your home value:

 

Only assets that can be converted into cash within one year and without considerable hardship or financial 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.

https://www.uscis.gov/sites/default/files/document/forms/i-864instr.pdf

 

 

 

 

Edited February 23, 2022 by Kor2USA

[iwannaplay54 985]

48 minutes ago, Kor2USA said:

 

The instructions state if you're using the value of a car it should not be the primary vehicle (As that could cause hardship).

 

Here are the instructions about using your home value:

 

Only assets that can be converted into cash within one year and without considerable hardship or financial 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.

https://www.uscis.gov/sites/default/files/document/forms/i-864instr.pdf

 

 

 

 

That hardship/loss thing is kind of subjective.  Iffy proposition, however it’s free to try

[Rocio0010 5,638]

Using a home as an asset is tricky:

 

As per i-864 instructions, "Only assets that can be converted into cash within one year and without considerable hardship or financial 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".

 

But then it states that

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.

 

To me, instructions by themselves are confusing. If your dad makes enough to cover the poverty guidelines, I would stay clear off including a home as an asset. You will most likely get a RFE and a significant delay.

Edited February 23, 2022 by Rocio0010
wrong, incomplete info

[Loren Y 2,756]

I agree with @Rocio0010, using a home as an asset is a slippery slope. Sounds like with your educations and if fathers income is over the minimum you should be fine.

[pushbrk 13,133]

On 2/23/2022 at 6:37 AM, iwannaplay54 said:

House appraisal would work.  Doesn’t specify any required basis but an alternative would the tax appraisal value assuming you live in a state that has property tax.  Tax appraisal value is official and free.

I’m not sure if they will accept a primary home as an asset that can be used for sponsorship.  @pushbrk knows a LOT about preparing support affidavits and what can / cannot be used.

Don't bother using equity in the primary residence.  It is not considered "liquid".  If Dad's income is not accepted as sufficient, you'll need a different more qualified joint sponsor.  No idea of Dad's age, but "elderly" joint sponsors are not always a good idea, as they may not be there to meet the obligations.  

[ilikepotatoes 57]

40 minutes ago, pushbrk said:

Don't bother using equity in the primary residence.  It is not considered "liquid".  If Dad's income is not accepted as sufficient, you'll need a different more qualified joint sponsor.  No idea of Dad's age, but "elderly" joint sponsors are not always a good idea, as they may not be there to meet the obligations.  

That’s a huge blow to our case because I don’t have anyone else who could be a joint sponsor. My whole family turned their backs on me after my mom passed away in 2020. This is really sad. Lol

[iwannaplay54 985]

2 hours ago, pushbrk said:

Don't bother using equity in the primary residence.  It is not considered "liquid".  If Dad's income is not accepted as sufficient, you'll need a different more qualified joint sponsor.  No idea of Dad's age, but "elderly" joint sponsors are not always a good idea, as they may not be there to meet the obligations.  

Thanks.