Financing Program for Veterans Works Covered With Red Tape

Financing Program for Veterans Works Covered With Red Tape

Joe Vollono and Monica Raquel Ortiz need it a condo in a single Brooklyn Bridge Park and have now been attempting for months to have a no-down-payment loan for veterans.

Credit. Kirsten Luce for The Brand Brand Brand New York Days

Joe Vollono along with his spouse, Monica Raquel Ortiz, are quite ready to purchase a flat. Really, these people were willing to purchase in November, if they discovered a one-bedroom they enjoyed in Brooklyn Heights and stumbled on an understanding utilizing the designer in the cost. These were prepared in January once they finalized a agreement, and additionally they have actually been prepared from the time.

Yet significantly more than seven months following the procedure started in earnest, they usually have maybe not closed on the condominium. Why? Because Mr. Vollono, whom served being an officer when you look at the Navy submarine force for four years, really wants to make use of that loan guaranteed in full because of the Department of Veterans Affairs. That type of loan can be acquired under a program that is 69-year-old with over half of a million loans nationwide a year ago, however in nyc it really is as if this system hardly exists. There have been just 266 Veterans Affairs loans made or refinanced into the five boroughs year that is last in a town this is certainly home to over 200,000 veterans.

Even though there are numerous tens and thousands of apartment structures when you look at the populous town, just 30 condominiums are authorized for involvement into the system. Continue reading “Financing Program for Veterans Works Covered With Red Tape”