New Biden rule forces homebuyers with good credit to subsidize risky loans

“The changes do not make sense. Penalizing borrowers with larger down payments and credit scores will not go over well,” Bay Equity Home Loans senior loan officer Ian Wright told the Times. “It overcomplicates things for consumers during a process that can already feel overwhelming with the amount of paperwork, jargon, etc. Confusing the borrower is never a good thing.”

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“I am all for the first-time buyer having a chance to get into the market, but it’s clear these decisions aren’t being made by folks that understand the entire mortgage process,” he added.

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