Since 1944 over 20 million Veterans and Service Members have purchased a home using the VA Home Loan program. Over the past 5 years VA home loans have had the lowest foreclosure rate of any other type of home loan.
The VA’s Home Loan Program Benefit is not a one-time benefit. It can be reused. Veterans may reuse their VA benefit to purchase another residence, or to refinance to a lower rate. Refinancing a VA loan is referred to as an Interest Rate Reduction Refinance Loan (IRRRL). No appraisal or credit underwriting is required.
On average, Veterans save more that $200 a month after an IRRRL.
Read more about the program on the VA website here: http://www.benefits.va.gov/
You can also contact your closest VA regional office with Loan Guaranty staff by calling 877.827.3702, or visiting http://www.benefits.va.gov/