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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 want to purchase a condo in one single Brooklyn Bridge Park while having been attempting for months to have a no-down-payment loan for veterans.

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

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 adored in Brooklyn Heights and stumbled on an understanding using the designer in the cost. These people were prepared in when they signed a contract, and they have been ready ever since january.

Yet a lot more than seven months following the procedure started in earnest, they will have perhaps maybe not closed on their condominium. Why? Because Mr. Vollono, whom served as an officer within the Navy submarine force for four years, would like to utilize that loan guaranteed in full because of the Department of Veterans Affairs. That sort 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 program scarcely exists. There have been just 266 Veterans Affairs loans made or refinanced into the five boroughs a year ago, in a town this is certainly home to over 200,000 veterans.

Even though there are lots of tens of thousands of apartment structures within the town, just 30 condominiums are authorized for involvement into the program. In Manhattan there are two main.