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Financing Program for Veterans Goes Covered With Red Tape

Financing Program for Veterans Goes Covered With Red Tape

Joe Vollono and Monica Raquel Ortiz need it an apartment 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 for The New York Days

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

Yet significantly more than seven months following the procedure started in earnest, they usually have maybe 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, desires to make use of that loan assured by the Department of Veterans Affairs. That sort 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’s as if this system scarcely exists. There have been just 266 Veterans Affairs loans made or refinanced when you look at the five boroughs year that is last in a city this is certainly home to over 200,000 veterans.