You would use the $240k for the 40% of the loan that you share and then if you have another home with a higher balance that you own 100% of, you would add that home's value to it.
So basically, when you are calculating your $750k limit, you will ONLY include the amounts that YOU personally are paying. So if you are paying 40% of one and 100% of the other, then you would include only the 40% of the one and then 100% of the other. Whatever portion the other owner is paying, you would not count towards your $750k limit.
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