Financial Statement

They want you to list your assets (house etc.), your debts (mortgage, credit card, car loans). My agency wanted a letter from the bank, listing how much was in our accounts. It was pretty straight forward -- about as invasive as applying for a mortgage.

Some countries also require that you be a certain percentage amount over the Poverty level for the number of people in your Family.

Thank you so much! I figured it would be like that...but it's nice to hear it from someone who knows!

... is needed, really, for four different entities. You will need financial information for your homestudy agency. The specific requirements are governed by state law and the policies of the agency. It is OK to ask your agency what those laws and policies require, if you are unsure that you will qualify, before starting your homestudy. In general, you will need to prove that you own or rent a house or apartment; that you have at least one parent with a steady job, unless you are so well off that income from investments is your primary source of income; that you are living within your income, as evidenced by the amount of debt you have; and that you have some money in the bank. You do not have to be wealthy, and can have things like a mortgage or a car loan and modest credit card debt. Basically, what the agency wants to see is someone who has financial stability and who has enough extra money to support another person in the household -- namely, a new child. The USCIS will need to review the financial information in your homestudy, when you file your I-600A. However, its specific financial requirements are very basic. You will need to prove that your income is at least 125% of the poverty level for a family of your size. The foreign country from which you choose to adopt may have financial requirements. These may be very specific, such as a certain income. More likely, they will simply want to see a financial statement showing an excess of income over expenses. The agency through which you work with the foreign country may have its own requirements. As an example, China wants a financial statement, but has no specific rules regarding what your income must be. However, some agencies that work with China have a rule that you must earn at least $10,000 for each person in the home, including the child to be adopted. Not all agencies have such specific rules, so if you have an unusual financial situation, you should look for an agency that is flexible and looks at applicants on a case by case basis. Sharon

The US requires parents to be 125% above the poverty line for the new number of people in your family. Each country also has different requirements for finances. Most homestudy agencies have their own way as well. Since you are using a different homestudy agency than your placing agency (as I am), I would strongly suggest asking your potential homestudy agency(ies) to send you the actual form and list of financial info that they require prior to signing on with them and also get from your placing agency what they want to see, so the 2 agencies can work together. I see you are adopting from China and they do have a requirement in their dossier for bank statement, property deeds as well as letter of employment to be certified. That may also be needed for your homestudy.Homestudies do require the assets and debt layout. For my country for homestudy,we did have to submit actual life insurance proof. You will need to provide W2 form when you gain custody of your child(that is the proof of your 125% above the poverty line.)

Thank you all for the (great) information. How do student loans play into all this. We have our own house, and minimal credit card debt. I have a (large) student loan debt. I have worked out payment arrangements that put us within our means but the balance is large. Any thoughts? Thanks! Julie

In addition to the things previously mentioned, we had to get a letter from our bank stating the total amount deposited into our account in the last year. We also had to have our employer write a letter stating what our annual income is. I hope you've already been told this, but make sure that the revenue and expenses are the same from one report to the next. You'll be doing several different versions of the income statment, and if you have an income of $40,000 listed on one, but an income of $44,000 listed on another, it will probably be rejected.