Financing Program for Veterans Works Covered With Red Tape

Financing Program for Veterans Works Covered With Red Tape

Joe Vollono and Monica Raquel Ortiz want to purchase a flat in a single Brooklyn Bridge Park and also been attempting for months to have a no-down-payment loan for veterans.

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

Joe Vollono along with his spouse, Monica Raquel Ortiz, are prepared to purchase a condo. Actually, these were prepared to purchase in November, once they found a one-bedroom they liked in Brooklyn Heights and found an understanding with all the designer regarding the cost. They certainly were ready in January once they finalized a contract, and they’ve got been prepared from the time.

Yet a lot more than seven months following the process started in earnest, they will have perhaps perhaps maybe not closed to their condominium. Why? Because Mr. Vollono, whom served being an officer into the Navy submarine force for four years, desires to make use of that loan fully guaranteed by the Department of Veterans Affairs. That form of loan can be obtained under a 69-year-old system, with over half of a million loans nationwide a year ago, however in new york it really is as if this system scarcely exists. There have been just 266 Veterans Affairs loans made or refinanced when you look at the five boroughs this past year, in a town that is home to over 200,000 veterans.

And even though there are lots of large number of apartment buildings payday loan rates maine into the town, only 30 condominiums are authorized for involvement into the program. Continue reading