It's true; if you have bad credit but want to refinance, you can. But you will have to take a different route than a homeowner who is looking to refinance with good credit. The first thing to realize is that that your new interest rate will likely not be as low as it would be for someone with good credit. Therefore, it makes sense to do your homework and figure out whether the savings you realize from your refinance exceed how much it will cost you to refinance. If you've figured out that it's worth it, you have a few options, including FHA or VA loans.
Refinancing With Bad Credit