What you are asking about is theoretically possible but your partner is taking a big chance - in the event of a default he/she could get stuck with a big bill and no equity or property to back it up. If your partner is alright with that then you would still have to get the bank to approve. If they do then you should be fine.
I hope this information was helpful. Feel free to contact us if you need further follow up. I also own a title company and have lending contacts in case you want to examine the transaction that way.
