Affadavit of Support - Using house to meet minimum income requirement
Feb 17th 2004, 3:55 am
#1
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Joined: Oct 2003
Location: Santa Fe, NM from Dublin, Ireland
Posts: 502
Affadavit of Support - Using house to meet minimum income requirement
So I'm practicing filling out the I-134, and the intention is to use assets only to meet the minimum income requirement. (The reason is I'm currently starting a new business so my prior income isn't really valid).
I have some savings, some stocks, but primarily I'm using equity in my house to meet the requirement. There's a specific line that says "I own real estate valued at..." and I have a letter from a realtor stating the value of my house. ("Based on comparables that I have reviewed of houses in your subdivision, my opinion is that you could sell your home at xxx for between $xxx and $xxx within one year of the listing date." Is that enough?
Has anyone else met the Affadavit of Support requirements this way and lived to tell about it?
I have some savings, some stocks, but primarily I'm using equity in my house to meet the requirement. There's a specific line that says "I own real estate valued at..." and I have a letter from a realtor stating the value of my house. ("Based on comparables that I have reviewed of houses in your subdivision, my opinion is that you could sell your home at xxx for between $xxx and $xxx within one year of the listing date." Is that enough?
Has anyone else met the Affadavit of Support requirements this way and lived to tell about it?
Feb 17th 2004, 6:04 am
#2
Joined: Apr 2002
Posts: 35,082
Re: Affadavit of Support - Using house to meet minimum income requirement
Originally posted by Buendia
So I'm practicing filling out the I-134, and the intention is to use assets only to meet the minimum income requirement. (The reason is I'm currently starting a new business so my prior income isn't really valid).
I have some savings, some stocks, but primarily I'm using equity in my house to meet the requirement. There's a specific line that says "I own real estate valued at..." and I have a letter from a realtor stating the value of my house. ("Based on comparables that I have reviewed of houses in your subdivision, my opinion is that you could sell your home at xxx for between $xxx and $xxx within one year of the listing date." Is that enough?
Has anyone else met the Affadavit of Support requirements this way and lived to tell about it?
So I'm practicing filling out the I-134, and the intention is to use assets only to meet the minimum income requirement. (The reason is I'm currently starting a new business so my prior income isn't really valid).
I have some savings, some stocks, but primarily I'm using equity in my house to meet the requirement. There's a specific line that says "I own real estate valued at..." and I have a letter from a realtor stating the value of my house. ("Based on comparables that I have reviewed of houses in your subdivision, my opinion is that you could sell your home at xxx for between $xxx and $xxx within one year of the listing date." Is that enough?
Has anyone else met the Affadavit of Support requirements this way and lived to tell about it?
I did, and living happily ever after, thank you
I included:
-something to document the value of the house
-something to document the debt against the house
I know it seems counter-intuative (debts aren't called in anywhere else), but I felt I could only safely claim the equity in my house, not the total value alone. I used my annual property tax statement, an online 'price quote' of comparables in my 'hood and the year-end statement from my mortgage to establish my equity.
