Potential borrowers have misperceptions about requirements for credit scores, downpayments and income, according to results from a survey by Wells Fargo and Ipsos Public Affairs.
Originations of VA mortgages in the first quarter of 2015 increased by 5.8 percent compared with the previous quarter and were up 86.0 percent from the first quarter of 2014.
The changes allow eligible non-borrowing spouses with older Home-Equity Conversion Mortgages the potential to remain in their home following the death of the last surviving HECM borrower.
The VA maintained a sizeable lead in first-lien mortgage refinancing over FHA and private mortgage insurers in the first quarter of 2015 but yielded to both in purchase originations.