If you are the holder of a high interest home loan you might want to look into a FHA refinance plan to lower your current APR high interest home loan from a traditional lending institution. I recently read a story where the FHA is offering a FHA refinance plan for home owners who qualify. This new FHA refinance plan comes with a 5.25% interest rate. And this is a fixed interest rate! Now that is a good interest rate, especially considering it is a fixed rate. You definitely want to select a fixed rate if you are doing a home refinance as your monthly home payment will never go up. This FHA secure rate reduction plan is a very good offer, however you do need to be aware of the fact when you apply for a FHA refinance plan the FHA is more stringent in their rules for approving a home loan than most home lending institutions. The FHA refinance plan also will include more up front costs from the home owner plus you might have to pay "points" which are a percentage of the total home loan.