Most of us have heard this data point: more Millennials are now living at home with their parents than in any other living arrangements, or in any other time in modern history. Last year, the US Census estimated that one in three Millennials – or 24 million 18- to 34-year-olds – live in their parents’ home. 

It’s fair to say Millennials’ parents have been generous with them. And that generosity extends beyond sharing their home well into a child’s adulthood. Sometimes, parents help their adult child buy a home by providing financial assistance. In ValueInsured’s latest (Q4 2017) Modern Homebuyer Survey, 17% of all surveyed Millennial homebuyers say they plan to rely on a loan or a gift from family member(s) to fund the majority of their down payment. It was recently reported that nearly 1 in 4 (23%) of all purchase loan originations in the U.S. now require a non-spouse co-borrower(s)’ – in most cases a parent’s – credit to afford the loan approved.