All VA Loans are backed by the U.S. Government through a VA Entitlement. This Entitlement makes it easier for you to qualify for a loan because it represents the amount that the government would pay to the lender if you default - it's like government-sponsored loan insurance that you get automatically for dedicating your service to our country. You can use it for refinancing your current mortgage or purchasing a new home.
Not having a VA Loan means that you're giving up the benefits you've earned through your military service. With today's record-low rates, you're also most likely paying more than you should be for your monthly loan payment. If you already have a VA Loan through another lender, refinancing into a lower-rate loan is simple and fast.
Plus, VA Loans feature near record-low rates, no mortgage insurance requirement, no pre-payment penalties, and relaxed qualification standards (you may qualify with a less-than-perfect credit score!).