Twelve percent of all homebuyers included in the survey said that they had to put off buying a home because of their debt loads. Millennials were no exception, with 56 percent citing student loan debt as the most significant financial roadblock they needed to overcome, followed by automobile loans for 38 percent, credit card debt for 30 percent, Child care expenses for 11 percent and health care costs for 8 percent.

About 42 percent of Millennial homebuyers said that it was harder to apply and get approved for a mortgage than they expected. Most – about 96 percent – opted for fixed-rate mortgages. Conventional loans made up the majority of mortgages for Millennials, at 46 percent, followed by Federal Housing Administration loans at 38 percent and Veterans Administration loans at 7 percent.

Maintaining good credit and keeping up with bills are ultimately the best way to be sure that financing will be available, Bustos advises.

“Usually, the younger clients are in the under $400,000 price range,” Bustos said. “If they have student loans, keep paying them down. Keeping good credit, making payments on time and keeping an eye on your debt to income and keeping it below 50 percent should help.”