When interest rates fall, it is a good time refinance your house. You can even refinance if you want to do some debt consolidation. Taking advantage of the programs offered by the government, in the form of FHA home mortgage loan refinances, can be a great way to have a streamlined process, and to save some money. And if you already have an FHA loan, it is easier than ever for you to refinance it.

Here are some of the advantages of refinancing your FHA home mortgage loan:

· Programs that reduce your interest rate at no cost

· Options that allow refinancing your FHA home mortgage loan at no cost

· The credit qualifications and the income qualifications are more lenient than other lender qualifications.

· It is not difficult to switch from an ARM to a fixed rate loan.

· There is no hassle in lengthening or shortening the term of your loan.

· Refinancing your FHA home mortgage loan can allow you to consolidate first and second mortgages.

· You can also take advantage of “cash out refinance” options to consolidate your bills.

· The closing costs are regulated by the FHA, and are often lower than the costs associated with other lenders.

· Even if you have had a bankruptcy or foreclosure, you can still take advantage of refinancing your FHA home mortgage loan. However, you do have to wait at least two years for a bankruptcy and three years for a foreclosure.

· You can get financing for up to 97% of your home's value

One of the great things about an FHA refinance loan is that some of these features are available even to those who do not already have an FHA loan. Even though if you are refinancing your FHA home mortgage loan you will have a more streamlined process, you do not have to actually have an FHA home loan to take advantage of the refinance. You may have a little more difficult time, but you can still refinance with an FHA home loan.