The VA Home Loan Program is designed to give qualified Veterans and Active Duty Military the opportunity to qualify for a mortgage to purchase a home with 0 down. The VA assumes some of the risk on the loan, which allows for for easier qualification guild lines and lower interest rates then a conventional mortgage.  Another huge benefit to a VA loan is there is no PMI (private mortgage insurance).

Once a VA loan has been originated its easy to refinance.  A VA Interest Rate Reduction Loan (IRRL) allows borrower to refinance either to get a lower rate, shorten term or even get cash out to consolidate debt or make home improvements.  This is a true streamline process, no income documentation or appraisal is required.