Hi all

My wife and I are about to put all of our savings down as a deposit on a property we are buying in the USA in advance of us relocating in the not to distant future. Will we still be able to use these funds as a means as a way of fulfilling our i864 at interview or will we now need a co sponsor?

Thanks

macrowe

When it comes to meeting the I-864 financial requirements, cash in the savings account is a MUCH safer asset than equity in a property. Reason being, is that the assets must be able to be liquidated within 1 year, at the same value listed on the I-864, with no hardship to the USC. With a new property, it could be hard to re-sell it at the same value you purchased it within one year, and also if it's your primary residence, that creates a hardship for the USC.

My suggestion is to keep the money in savings until you actually move to the USA, then buy the property.

Rene

I should add that if the USC meets the financial requirements via income (rather than assets), then you don't need to show the savings in the bank or the property on the I-864 at all.

But reading between the lines, it sounds like the USC is currently in the UK as well, and probably does not meet the income requirements? And that's why you're using assets on the I-864?

Rene

Further to add....

If you decide to use the savings to put down on the property, you should go to the visa interview armed with two I-864's. One from the USC, showing the property value as an assets, and one from a Joint Sponsor (in case the ConOff does not accept the property as a viable asset).

Rene

Hi Nora

Thanks for the detailed reply. We will be relocating having put approx $50K as a deposit on the property and will have approx $25k in savings at time of interview but we may not have continuing 'income' as may not have jobs initially. Is this a problem for i864 purposes?

Yes, I think it may well be a problem.

You plan to take out a mortgage loan for the balance of the purchase price? Just out of curiosity, how are you going to obtain one without jobs?

Regards, JEff

Hi Jeff

We have a mortgage approved already. The property is due to be let after purchase and we will be staying with family for first few weeks after arriving. New jobs will not start until 4 - 5 weeks after arriving.

macrowe

Previous posts on BE over a number of years seem to suggest that equity in a UK property is accepted on the I-864. Equity in what will be your primary residence in the US is not accepted for purposes of the I-864.

I don't recall any postings for sometime from anyone who has tried the latter so my assumption would be nothing has changed.

Thanks Ian

If that is the case and we only had letters of intent to employ from our new employers at my interview stage and $25k-$30k in savings would we be ok without co sponsor?

Letters of intent for future employment cannot be used on the I-864. The income, if any, needs to be current (not future).

$30K in savings will not be enough to use as an asset. Assets need to be 3x what is lacking in income. If it's just the two of you, the income level requirement is approximately $20K per year. 3x that would be $60K. So in order to use assets in lieu of income, you'd need about $60K+ in the bank.

My guess is that you'll need a Joint Sponsor.

Rene

Thanks Rene

Looks like we will. Not a problem, we will get the ball rolling with that.

macrowe

Interesting. Congratulations!

Regards, JEff

There is no such thing as a "co sponsor". There is a sponsor, and there is a joint sponsor.

Ian

Thanks Jeff

Sorry, I meant joint sponsor!