Perhaps. You will have to qualify again and pay closing costs again. Check with a lender who does VA loans to see if this is possible.

You will want to check into the VA IRRL (Interest Rate Reduction Loan) program.  It is a simple process to take advantage of the lower rates.

As mentioned before you will want to do a VA Streamline loan (know as IRRRL). You won't need to qualify and you can still roll in your closing costs.  The funding fee you paid on your purchase (unless you're disabled) will be reduced to .50% rather than the 2.15% or 3.30% you paid.

Because you financed at 100% using your VA this is your only option to refinance.  You should make 2-3 payments on your current loan before refinancing so your credit takes the least hits for opening new accounts.  This should also ensure the lender or broker who did your loan originally doesn't have to payback any fee's earned on your purchase.

Check back everyday to the Mortgage News Daily blogs and news for interest rate updates and news. Currently you're safe to float interest rates and shouldn't be risking much by not refinancing now.

Happy New Year