South Carolina VA Streamline Refinance: SC IRRRL Program

South Carolina VA Streamline Refinance

For Veterans who currently have a VA loan, the South Carolina VA streamline refinance was designed to help them take advantage of lower rates with the least amount of hassle possible. The VA streamline also has “another” name it goes by – the VA IRRRL refinance program. It is designed to be done with as little documentation as needed and there is no appraisal required so that veterans can save as much money as possible with minimal hassle.

South Carolina VA Streamline Refinance Program Highlights Include:

• The VA does not require an appraisal (note: some lenders may require an appraisal)
• You can defer one mortgage payment after closing
• No asset, income or employment verification
• Not allowed to get cash back when you close your loan
• Veterans are not required to pay out of pocket costs – all costs can be rolled into the loan

VA Streamline Refinance Information from VA.gov

“Veterans are strongly urged to contact several lenders. There may be big differences in the terms offered by the various lenders you contact. Some lenders may contact you suggesting that they are the only lender with authority to make IRRRLs. Remember – Any lender may make you an IRRRL.

Some lenders may say that VA requires certain closing costs to be charged and included in the loan. Remember – The only cost required by VA is a funding fee of one-half of one percent of the loan amount which may be paid in cash or included in the loan.

The occupancy requirement for an IRRRL is different from other VA loans. When you originally got your VA loan, you certified that you occupied or intended to occupy the home. For an IRRRL you need only certify that you previously occupied it.”

For Veterans who currently have a VA loan, finding out if the VA streamline refinance is right for you is easy. Contact your South Carolina VA streamline experts now — 888.448.2669.