Lenders, economists question first-time homebuyer bills

Source: Housing Wire — 

While the first-time homebuyers welcomed news of a down payment assistance grant or tax credit, the mortgage industry and housing experts expressed deep skepticism.

Two proposals under consideration in Congress aim to give first-time homebuyers a leg up by offering a grant at closing time, or a tax credit after the fact. Loan officers — who are monitoring the progress of both legislative efforts closely — aren’t in love with either of those options.

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