My joint sponsor has only retirement income, will that work?

[Gaiden79 14]

The only possible Joint Sponsor that I may have right now does not work anymore, but has fairly high retirement income. This comes from things like social security, military pension and being disabled. Is this going to be a problem? 

 

They also have 2 houses currently that maybe I could use as assets instead. Thank you!

[Crazy Cat 41,811]

Not an issue.  That was MY income, too. 

[pushbrk 12,870]

20 minutes ago, Gaiden79 said:

The only possible Joint Sponsor that I may have right now does not work anymore, but has fairly high retirement income. This comes from things like social security, military pension and being disabled. Is this going to be a problem? 

 

They also have 2 houses currently that maybe I could use as assets instead. Thank you!

Income is income.  The difference is that instead of documenting current income with a pay stub, they will use the annual declaration letters from their income sources.  No need to mess with the real estate if the income is clearly sufficient.

[Gaiden79 14]

On 1/29/2023 at 2:15 PM, Crazy Cat said:

Not an issue.  That was MY income, too. 

Thank you, I guess that proves it works lol.

[Gaiden79 14]

On 1/29/2023 at 2:32 PM, pushbrk said:

Income is income.  The difference is that instead of documenting current income with a pay stub, they will use the annual declaration letters from their income sources.  No need to mess with the real estate if the income is clearly sufficient.

Thank you, but I actually think I made a mistake in what their income is after reviewing their tax returns. Doesn't look like they will qualify based on income, but maybe the houses they own. Do real estate assets have less chance of being accepted by the consular officer as meeting the financial requirements?

[milimelo 4,475]

For real-estate to work, it can't be their primary residence and it has to have paperwork to prove the value. Do you have that?

[pushbrk 12,870]

11 minutes ago, milimelo said:

For real-estate to work, it can't be their primary residence and it has to have paperwork to prove the value. Do you have that?

They must prove the "equity" not just the value.  Equity is value minus any mortgage.

 

The retirement income is probably good, but most landlords operate at a loss for tax purposes, so their "total income" line on their tax return can be far below the total of their retirement income streams.  Can be expensive to get appraisals/valuations and a hassle to put all the documentation together, but it can be done.

 

[Gaiden79 14]

20 hours ago, milimelo said:

For real-estate to work, it can't be their primary residence and it has to have paperwork to prove the value. Do you have that?

Oh, i didn't see the part where it said "primary residence" that's strange. Yeah they don't have any docs that show value that I know of so I will probably have to find a new potential sponsor. Thanks.

[Gaiden79 14]

19 hours ago, pushbrk said:

They must prove the "equity" not just the value.  Equity is value minus any mortgage.

 

The retirement income is probably good, but most landlords operate at a loss for tax purposes, so their "total income" line on their tax return can be far below the total of their retirement income streams.  Can be expensive to get appraisals/valuations and a hassle to put all the documentation together, but it can be done.

 

Yeah you are right, Equity is what they need. I think i'm going to need a different sponsor that has actual income. Oh well. Thanks.