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Financing Program for Veterans Goes Covered With Red Tape

Posted by: funnytodd   
March 20th,

Joe Vollono and Monica Raquel Ortiz need it a flat within one Brooklyn Bridge Park and also have been attempting for months to get a no-down-payment loan for veterans.

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

Joe Vollono along with his spouse, Monica Raquel Ortiz, are quite ready to purchase a condo. Really, these people were prepared to purchase in November, once they discovered a one-bedroom they liked in Brooklyn Heights and found an understanding using the designer regarding the cost. They certainly were prepared in January once they finalized a agreement, and so they have been prepared from the time.

Yet a lot more than seven months following the procedure started in earnest, they usually have maybe perhaps not closed on the condominium. Why? Because Mr. Vollono, whom served as an officer into the Navy submarine force for four years, desires to utilize that loan assured because of the Department of Veterans Affairs. That sort of loan is present 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 into the five boroughs year that is last in a town this is certainly home to over 200,000 veterans.

And even though there are lots of tens of thousands of apartment structures when you look at the town, just 30 condominiums are authorized for involvement within the system. In Manhattan there are two main. Read the rest of this entry »