Financing Program for Veterans Goes Wrapped in Red Tape

Financing Program for Veterans Goes Wrapped in Red Tape

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

Credit. Kirsten Luce when it comes to Brand Brand New York Days

Joe Vollono and their spouse, Monica Raquel Ortiz, are quite ready to purchase a flat. Really, these people were prepared to purchase in November, if they found a one-bedroom they enjoyed in Brooklyn Heights and stumbled on an understanding aided by the designer regarding the cost. These were prepared in when they signed a contract, and they have been ready ever since january.

Yet significantly more than seven months following the procedure started in earnest, they will have perhaps maybe perhaps 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 utilize that loan guaranteed in full because of the Department of Veterans Affairs. That type of loan can be acquired under a 69-year-old system, with over half a million loans nationwide a year ago, however in new york it really is as if this program hardly exists. There have been just 266 Veterans Affairs loans made or refinanced within the five boroughs this past year, in a town that is home to over 200,000 veterans.

And even though there are numerous tens and thousands of apartment structures when you look at the populous city, just 30 condominiums are authorized for involvement when you look at the system. Read More