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Does 50% ownership count as down payment in mortgage?

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spgriffin



Joined: 01 May 2006
Posts: 3

PostPosted: Mon May 01, 2006 10:50 am    Post subject: Does 50% ownership count as down payment in mortgage?Reply with quote
I am trying to buy out my sister and own 50% of the house. In applying for a mortgage, shouldn't that help me in the process? Agents want to list the house for 550-565 and my sister will take 272,000. Does my half count for something? This will be a second home and we don't have a lot of cash for down payment. Our credit is good.
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The Mortgage-Pro
Site Admin


Joined: 19 Jan 2005
Posts: 2248

PostPosted: Mon May 01, 2006 10:21 pm    Post subject: Reply with quote
Banks don’t care what the value of the home is. They go off of the selling price or the appraised value, whichever one is lower.
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