The Obama administration announced some sweeping changes to the governments HARP (Home Affordable Refinance Program) on October 24th, 2011. These changes will significantly benefit borrowers who have loans that are owned by either FNMA or FHLMC and closed on or before May 31st, 2009. Borrowers that have had no mortgage late payments in the last 6 months and no more than 1 in the last year may be eligible to refinance regardless of how much equity they have in their property or appraised value! The FHFA will be announcing further guidance on November 15, 2011. Make sure to get your preliminary loan application in so you can see if you will qualify for the new HARP loan.
You can check the following sites to see if you have a FNMA or FHLMC loan: