I am applying for a HELOC on my home, selecting “refinance” as the reason, and I plan to use it for my EB-5 investment. Is this loan purpose acceptable to USCIS? The loan application only provides options for “Purchase” or “Refinance.” Should I explicitly mention in the loan contract that the purpose is for EB-5 investment? I am in the process of approval and need to adjust the wording if necessary.
Answers
Michael A Harris, Esq
Immigration Attorneys DirectoryUsing a HELOC loan with "refinance" as the selected purpose is generally acceptable for EB-5 investments, provided the loan is not secured by assets of the EB-5 project itself and meets USCIS requirements for lawful source of funds (LSF) documentation.
Yuliya Veremiyenko-Campos
Immigration Attorneys DirectoryRefinance is an acceptable reason for the loan. You can use the funds towards your EB-5 investment.
DISCLAIMER: the information found on this website is intended to be general information; it is not legal or financial advice. Specific legal or financial advice can only be given by a licensed professional with full knowledge of all the facts and circumstances of your particular situation. You should seek consultation with legal, immigration, and financial experts prior to participating in the EB-5 program. Posting a question on this website does not create an attorney-client relationship. All questions you post will be available to the public: do not include confidential information in your question.