(NewsNation) — A new federal rule that could cost homeowners with good credit more money has potential to help others secure a loan, but its efficacy remains to be seen, national labor and diversity expert Jason Greer said.

A new federal rule enforced by the Biden administration will require that hopeful homebuyers with credit scores of 680 or higher will pay about $40 per month more than people with lower credit when taking out a home loan of up to $400,000.

“The idea is. ‘Let’s allow people with riskier credit, lower credit, many of whom happen to be people of color, to have an opportunity to actually get home loans,'” said Greer, founder and president of Greer Consulting, Inc.

The new rule, which goes into effect May 1, will affect mortgages from private banks across the nation. According to The Washington Times, Fannie Mae and Freddie Mac, federally backed home mortgage companies, will establish the loan-level price adjustments.

Historically, people of color have struggled more than their white counterparts to secure home loans, Greer said. Theoretically, this change could help bridge that gap and create more diverse neighborhoods, he said. Alternatively, it could create further tension, he added.

“If we know anything about suburbia, suburban people love to talk,” Greer said. “So what happens when these folks move into these neighborhoods and they’re excited about being first-time homeowners and now they are basically considered to be quotas?”