When I was looking at it as a possibility seems to me that the interest rates on VA loans were almost always higher particularly when rates are going down. The VA rate is determined by bonds sold by the state and they will sometimes sellout and not be available for a month or so. Actually I guess I’m thinking of the CALVET loans. Anyway I personally decided to go conventional and now with rates even lower maybe if I started with a higher rate I would be refi’ing right now. Like the market it might just be a crap shoot!