FHA - Reduce Your Rate

If you have one of those funky subprime loan with a high interest rate and your loan is within the FHA loan limits for your area (www.fha.gov), you may want to consider a FHA refinance. Especially if you have a credit score less than 620. If your goal is only to reduce your rate, FHA will allow you to do a "Rate and Term" refi for up to 97.75% of your value.

And rates are good right now. Don't wait until your ARM has already adjusted. Act quickly!