A Obama-era housing official has reportedly criticized president Joe Bidens mortgage plan and said it was an “unprecedented move” and that it was “not the way” to attract more buyers.

What happened: “We can do better programs to help more minorities become homeowners. It doesn’t work that way,” said the former Federal Administration for Housing commissioner David Stevens, after to a Fox business Report.

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New rules off Federal Agency for Housing Financing, or FHFA, will allow consumers with lower credit ratings and fewer deposits to qualify for better mortgage rates than they would otherwise have, the report said.

However, the cost is expected to be passed on to buyers with good credit ratings, it said, adding that the rules would come into effect from May 1.

Higher cost: Mortgage industry experts believe that homebuyers with a credit score of 680 or higher, for example, will pay almost $40 more per month for a $400,000 home loan. reported The Washington Times.

“For the first time ever [FHFA] In an effort to attract more first-time homebuyers — particularly homebuyers from minority groups — into GSE’s lending programs, the director made a shift in which she reduced the fees charged to borrowers with low down payments and low loan values, and the way they compensated or compensated for that loss of income, that cost of capital that they’re going to incur, they’re actually charging borrowers with better credit who are making much larger down payments,” Stevens said, according to the Fox Business report.

The expert said this has muddled the discipline and pricing structure of credit risk Fanny Mae And Freddie Mac follow since its inception.

“And it’s going to end up costing some borrowers who are making 15, 20% down payments and have credit scores of seven hundred and up for their mortgage so they can help pay for those who get the rebate,” Stevens warned.