In what city do more than half of all homebuyers list co-borrowers on their mortgage documents? San Jose, where 50.9 percent of all buyers get financial assistance from family and friends in order to qualify for a home loan.
Among American cities, it’s the highest share of co-borrowers for home purchases, according to a new report. In other words, mom and dad — or a rich aunt and uncle — are helping the kids buy houses in Silicon Valley.
As Bay Area housing continues to escalate in price, San Jose buyers also make the largest median down payments in the U.S., according to the second-quarter report from Attom Data Solutions, which compiles nationwide property data.