i got my va loan in january. i was told by some people that i am allowed to refinanace within the first year if the rate went down further than what i got. is this true? who would i talk to for more information?

Yes. Any VA lender can do a VA Interest Rate Reduction Loan for you. What is your current interest rate?

it is currently at 5.5%. i hear it has dropped lower. is it possible to get that new rate now?

...also, is this type of procedure a va interest rate reduction? i currently have BofA as my mortgage bank since they bought out countrywide so i have to deal with them. i just want to go in there and ask the right type of reduction i need. Thanks for everyones help.