If you are a homeowner who is current on your mortgage payments but unable to refinance to a lower interest rate because your home value has decreased, you may be able to refinance.Are you eligible for a Home Affordable Refinance.check the following requirements.

1. own a one- to four-unit home.
2. you arecurrent on your mortgage payments.“Current” means that you haven’t been more than 30-days late on your mortgage payment in the last 12 months.
3. the amount you owe on your first mortgage is about the same or less than the current value of your house?
4. have a stable income sufficient to support the new mortgage payment

the Program’s goal is to help property owners responsible for “refinancing” loans, in order to take full advantage of historically low interest rates.

whethet the refinancing could reduce the payment is depend on the interest rate.If the current interest rate is much higher than the current market rate,which could reduce the payment amount immediately.However, if the own only pay interest of loans, but do not reduce the payment. Owners will be able to avoid increas for future mortgage payments, saving  a large number of loans. A rule of thumb is 1 percent,” meaning if your current rate is 6 percent, your new one should be 5 percent or lower to make it worthwhile.

for this new program.many americans could benifical from it.one of commnet as bellow.

” What does your rate have to do with refinancing to get a lower interest rate? Nothing. If you are ticked at refinancing for equity, so be it, but the rates probably weren’t 5% when you purchased either. Mine was 9 when I bought my house three years ago because of some credit issues, then I refinanced down to 6.25 after I cleaned up some of it, and im dropping it another point on tuesday. ”

Eligible loans,including the person who in the first mortgage will not exceed 105%, the current market value of the property. For example, if the property value of $ 180000, but the debt 189,000 U.S. dollars or less, it can be eligible. At present, the value of the property will depend on the application for refinancing. If delinquent on  the mortgage, it does not meet the refinancing initiative.