There are several factors that contribute to lack luster home loan activity in the summer of 2010. Yes the tax credit for first time homebuyers expired on April 30th. Sure that was a good incentive to drive first time homebuyers, but this is not the primary reason that home loan application volumes have been faltering the last few months. If Forrest Gump was hear, he might say, “It’ the loan guidelines stupid.” Read the original Nationwide Lender article > First Time Homebuyers Beyond Low Mortgage Rates.