Survey: Millennials look to family for co-signers, down payment

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A recent survey by Endeavor America Loan Services showed 41 percent of millennials used co-borrowers to qualify for home loans and 20 percent needed financial assistance from family for down payments.

Those are just a few of the findings given by Inman.com: “Millennials need family assistance to purchase homes.” The survey used feedback from more than 5,400 respondents during 2014 and early 2015.

Among other findings about millennials:

  • their average down payments were 4.6 percent;
  • their average loans were $182,879;
  • their average age was 28;
  • 72 percent bought single-family homes; and
  • 7 percent bought manufactured homes.

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