Through FHA home mortgage refinancing, the borrower doesn’t need to have the best credit as they are different from other conventional loans. If the borrower chooses to refinance the mortgage loan, there are major advantages that they need to know. 

Benefits of FHA refinance mortgage loans                                            

• These loans are easy to qualify and as they are insured by FHA and not any local banks thus anyone can get approved for such loans.
• To qualify, the borrower doesn’t need to have a good credit score or credit history; he can get affordable home refinance rates even with low or bad credit score.
• The down payment needed for an FHA insured loan is very less, mostly it is near to 3.5% or even lesser than that. Thus borrowers can afford them easily and get their loans.
• The interest rates for these loans are usually low, thus these loans saves many homes going to foreclosures. And as it’s insured by the American government thus it permits lender to provide low rates. 

Before availing this loan, the borrower should take mortgage refinance advice from counsellors as they would guide properly if the borrower has FHA mortgage loan then they should choose FHA streamline loan option, this needs a less of paperwork and no new appraisal. The FHA loan refinance plan is permitting many people to avoid foreclosure and thereby stay in their homes. Lower payment and lower rates helps them to pay other bills on time and thereby improve their credit score.