According to Bloomberg, Lael Brainard, former Federal Reserve Vice Chair and former director of the White House National Economic Council, is promoting a low down payment program to help millions of new homebuyers enter the market as new congressional leadership prepares to take office. A policy proposal shows Brainard's working group is pushing for a federal program that would allow first-time homebuyers meeting strict underwriting standards to purchase homes with down payments as low as $1,000. The Federal Housing Administration (FHA) would bear the program's costs by increasing insurance fees it collects.

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