Veterans United released survey findings showing widespread mortgage misconceptions among prospective homebuyers, including overestimates of the credit score and down payment needed to qualify. The survey also found many respondents incorrectly think the government or Federal Reserve sets mortgage rates.
Veterans United Home Loans says a new survey found widespread misconceptions among prospective homebuyers about what it takes to qualify for a mortgage.
The company’s May 4 release says many respondents believe they need a credit score in the 660 to 700 range to get a mortgage, even though many loan programs allow scores around 620 or lower. The survey also found that 46% of respondents think a conventional loan requires more than 5% down, while 15% think 20% down is required and 31% say a home cannot be bought without any down payment.
The research also pointed to confusion over how mortgage rates are set. According to the survey, 61% of respondents said the government dictates rates and 66% said the Federal Reserve sets them.
HousingWire reported the survey as a March 2026 poll of 400 prospective buyers conducted by Sparketing for Veterans United. The company’s own newsroom and press release page also carried the findings.
The release is a consumer snapshot rather than a market-moving policy update, but it highlights how misunderstandings about credit, down payments and rate-setting can still shape homebuying decisions.
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