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Right now, my family is waiting out the clock until I turn 29.5 to start the adoption process for China. At this point we have all of our ducks in a row, we have the majority of the excepted adoption fees sitting in a savings account, but there is one area that worries me.
Our family income does not currently meet the $10k/person requirement. We have virtually no debt, live in a fairly cheap area, and are above the 125% poverty line for a household of five (we have four people in the home currently), but still a big leap away from the $50k they want. Is it unheard of for a waiting child/special focus adoption to grant waivers for the income requirement?
Since I'm not old enough to apply yet, we haven't signed on with an agency, but we have listened to several virtual presentations. If anyone knows an agency that may consider income waivers, would you be kind enough to inbox me that information so that we could start doing the research? Again, we are not looking at non-special needs children, which I am hoping makes a difference in terms of requirement flexibility.
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An agency would have to petition China for a waiver. One might be granted for the harder to place children, such as school aged kids and kids with moderate to severe disabilities, so you'd probably have to go the Special Focus route, instead of the regular Special Needs route.
Do remember that China has a net worth requirement, as well as an income requirement. Net worth is basically "what you own minus what you owe". So, for example, if you own a house, the amount of your down payment, the part of your mortgage payments that go to principal instead of interest, and any market appreciation can be counted as "what you own", but this would be offset by the remaining balance of your mortgage. Many young people have difficulty meeting the net worth requirement because they don't have enough equity in their home. Likewise, if you are still making car payments on a vehicle, the current value of the car (you can use the Kelley Blue Book) would count as what you own, but you would have to subtract the remaining amount that you owe on the vehicle.
Sharon
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Thank you for the information. I am very aware of the net worth requirement, which we about just over $100k when the requirement is $80k. So it's not that we're bad with finances, there have just not been a lot of available job openings in my husband's field since he left the military (and the military doesn't give certifications so you enter the job market as "unqualified"). We're hoping to get that all changed in the next year or so, but I'd like to have a plan based on what we have right now.Thanks again!
