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 “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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