Noorah101

Assets can be used to make up the difference in income, but the assets must equal 3x the amount lacking.

For example, if the income requirement is $20K, but she only earns $18K, she is $2K short. That means she would need $6K in assets to make up the difference. If you are married, your assets in the UK also count (assets are considered joint after marriage). The best asset is cash in the bank, but equity in property could also be used.

If the income or assets can't be met, a joint sponsor can be used.

Rene

SanDiegogirl

Can equity in property be used if the property in question is the main residential home? The instructions for the I-864 states that:

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 ....


So if the equity used in the application is part of the main residential home, would not having to sell said home cause hardship?

In other words the equity is very unlikely to be able to be cashed in and so would not be accepted to qualify under the financial requirements.

This is very unclear to me.....

Noorah101

I agree it can't be the main residence in the USA. I was thinking of a home he might be selling in the UK.

Rene

StuBear65

Hi Igi, just to give you an idea of timelines. My wife filed the I-130 petition for my IR1 (married for more than 2 years) on 06/23/17 and we got the approval on 12/16/17, so we are looking to be on track for 12 months from start to finish, provided the US Consulate move doesn't hold things up.

SanDiegogirl

Many thanks......

Igi

Ahah! So there is hope! I know he has $3k in savings himself and I'll be saving a large portion of my income between now to help with the move anyway so I should have a good chunk of change to help make up the difference. Hopefully, it will be enough.
Judging from the comparison thread between the K1 and CR1, we don't need to file the I-864 until the actual visa application (the last stage of the process) so we have quite some time to get the financials figured out.



Thanks for the timeline! That's good to hear! Hope you guys go through the process smoothly

KK85

Hi, Igi!

My USC husband and I just went through the CR-1 process - it took 13 months from start to finish, and I am so glad we chose the CR-1 over the K-1. The difference it makes to be able to work (and, ergo, start embracing and settling into your new environment) straight away is palpable, and I - compared to Ben and Tom above, for example, who both went the K-1 route - have had the pleasure of being able to adjust and settle immediately, without having to wait on any more paperwork. I think Ben, at the very least, would agree that this is preferable! I had a six-week period of no working (I started my first job in America today!), and that was quite enough - psychologically, being able to get out in the world and integrate yourself into your new society, making new friends and earning your own money, is so valuable, and can make such a difference in your journey.

I digress...

^ All this is essentially to say that I'm a big fan of the CR-1 visa, and I think you're on the verge of making a fabulous choice. There are plenty of us here on the forum who have been through either the K-1 and the CR-1, who are available and happy to help you and your partner through this process. Rene has given you some great information! Good luck working through that and getting to grips with the process. I promise it is far less overwhelming once the ball starts rolling.

Yes it is!

tom169

Not sure if it has been mentioned but there are significant fees associated with both visas - travel, medical, filing fees to name a few.

This will easily run into the many thousands even with doing this DIY.

Mentioning assets and savings made me remember.

Twinkle0927

Add me to the list of supporters of the CR-1. Mine took 10 months 1 day from sending the I-130 to walking out of the London embassy having been approved. That was 2016 and it slowed down somewhat last year so I would work on an estimation of 12-14 months now. I was working less than 2 weeks after I arrived (applied for the job and interviewed by Skype before I left the U.K.).

A word of caution when using cash savings for the I-864 - the NVC and the embassy like to see that the cash has been in the back for some time (around a year) to be certain that great aunt Mildred hasn't put in a huge cheque the week before you send the forms or that it's not a quick loan. There have been cases where people have asked someone to put a huge amount into the account on a Monday, printed a bank statement from online banking as soon as it shows and then transfer it back to the lender or relative immediately. They ask for bank statements over a period of time. A woman I befriended during this process from Sweden was using cash assets from a large inheritance she received a few years earlier. The embassy made her jump through hoops with letters from the bank and a string of statements.

Rete

Since your savings will be piece meal that might be a savings grace. You can show through monthly statements that the amount has been added to regularly on a monthly basis until you had reached the amount you are adding to your 'wife's' assets.