Biden Economist Pitches $1,000 Down Payment Mortgages

“A top Biden administration economic official is pitching Democrats on a low-down-payment proposal to bring millions of new homebuyers into the market, as incoming congressional leaders take stock of affordability measures that might help them notch early legislative wins,” Bloomberg reports.

“A new policy group chaired by former National Economic Council Director Lael Brainard is pushing for the creation of a Federal Housing Administration program to facilitate home purchases with as little as $1,000 down for first-time buyers who meet ‘strong underwriting criteria.'”