In California, can you get a mortgage on part-ownership of a home?

Question

My sister wants to help a friend of hers. The friend has two brothers, and together the three of them own a home. My sister wants to buy out the share of the two brothers, so that she and her friend (not related, not romantically involved) would own the home together. Would my sister need an all-cash deal? Or could she get a mortgage on two-thirds of the home ownership?

I know in Britain there's the idea of "shared ownership" but is something like this possible in America?

I hope this is clear.

I know in Britain there's the idea of "shared ownership" but is something like this possible in America?

I hope this is clear.

curtisports2 · Accepted Answer

No.  She and the friend can jointly apply for a mortgage. Or if there is already a mortgage on the property, she can sign on to a refinance with the friend.  Lenders must secure their loans with 100% interest in the property, not anything less.

Shared ownership is exactly what you would have. I doubt that the UK has situations where two competing lenders have outstanding loans on the same residential property.

babyboomer1001 · Answer

Only a mortgage broker can answer that question and without pertinent information about your sister, even that won't help her.  It would depend on her job, her job history, her finances and her credit.

? · Answer

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? · Answer

Sister needs to shoot herself in the foot.
Absolutely NOT happening unless she dumber than dirt.
Hopefully you got educated adults who can explain why.

Beverly S · Answer

This can't be done.

In California, can you get a mortgage on part-ownership of a home?

5 Answers