Brainard pushes $1,000 down payment plan for first-time homebuyers

Cointime update: Lael Brainard, former Federal Reserve vice chair and National Economic Council director under President Biden, is leading a new policy group proposing an FHA program that would let qualifying first-time homebuyers put down as little as $1,000. The FHA would cover the program’s cost by raising its insurance fees. The push comes as incoming congressional leaders weigh housing-affordability measures that could deliver early legislative wins.