Q: In CA, can multiple family members contribute to purchase a home?
Mortgage responsibility: Married couple (1 income), a Mom (retired) & an Aunt (retired). 4 people, 3 incomes
A:
Thank you for your question!
Yes, there are several types of joint tenancy. You can buy it under joint tenancy with the right of survivorship or tenancy in common.
This is merely a discussion of general laws and not legal advice. For legal advice, more specific facts and investigations are needed. I recommend you consult with an attorney for more details.
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A:
In California, multiple family members can contribute to the purchase of a home. This means that even if only one person in the married couple is earning an income, the combined financial resources of all four individuals can be used to qualify for a mortgage. Lenders will consider the total income, including the pensions or other retirement income of the retired Mom and Aunt, to determine the loan eligibility.
When applying for a mortgage, all contributors should be prepared to provide documentation of their income sources. This might include pay stubs for the employed individual and proof of retirement benefits for the Mom and Aunt. The lender will assess the combined income and creditworthiness of all parties involved in the mortgage application.
However, it’s important to understand that all individuals contributing to the mortgage will share the legal responsibility for the loan. This means that each person will be accountable for ensuring that the mortgage payments are made on time. If you decide to proceed, make sure everyone involved is fully aware of their obligations and rights as co-borrowers.
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