To:
Ms. Jennifer J. Johnson
Secretary Board of Governors
The Federal Reserve System
20
th
Street and Constitution Ave. N.W.
Washington, D.C. 20551
From:
I am a participant in the Neighborhood Assistance Corporation of America’s (“NACA”) homeownership program.
I am accessing NACA’s comprehensive counseling. As part of the NACA program I have access to NACA’s
mortgage product.
I have provided my comments below that would impact NACA’s program and thus my opportunity for
affordable homeownership. These are my personal comments that are not based on any form letter. Thus
please take these comments seriously since these are my sincere thoughts that I have authorized NACA to
submit as part of the comment process.
Jacqueline Bush
3314 Lawson Drive
Gainesville, GA 30506
>> The new regulations have a 20% downpayment as the standard. How IMPORTANT is it to you to have a no down
payment requirement? -- VERY IMPORTANT
Comment:
Do not have the funds available.
>> The new regulations would limit lender paid closing costs. How IMPORTANT is it to have the lender pay all of your closing
costs (i.e. the lender pays them without them being financed or any direct or indirect cost to you)? -- VERY IMPORTANT
Comment:
It would not be possile for me to purchase a home because I do not have the funds needed.
>> The new regulations would prevent or limit your ability to permanently reduce the interest rate which is one of the most
effective ways to achieve an affordable mortgage payment. How IMPORTANT is it that you have the ability to buy-down the
interest rate to virtually zero percent using savings, grants or seller contributions. The amount of the buy-down is a large
subsidy by the lender (i.e. one percent of the mortgage permanently reduces the interest by one-quarter of one percent which
is not available elsewhere)? -- VERY IMPORTANT
Comment:
It is very important because that way i can pay my home off quicker.
>> Do you support exempting non-profits like NACA from the limitations of these regulations? -- Yes
Comment:
It is very important
Please consider my above comments. I hope that you will make the appropriate changes so the regulations would not impact
NACA™s program and other similar non-profit programs.
Sincerely,
Jacqueline Bush
