With low interest rates, getting a home mortgage refinance loan has become a very attractive option for many home owners who could save thousands of dollars on their mortgage interest repayments. Unfortunately, the savings from getting a bad credit mortgage refinancing to a lower interest rate are out of grasps for millions of Americans because they do not qualify. While the more stringent criteria has become prudent in preventing future loans being made to irresponsible borrowers, the banking industry has gone to the opposite extreme by making the question should I refinance my mortgage available to so very few.

However, Obama's new $75B FHA Streamline Refinance program may provide the refinancing relief many responsible home owners are looking for. Here are a couple of the main provisions for getting a home mortgage refinance loan under this plan.

Your actual loan to value ratio can now end up being as high as 105%. Under the Obama housing plan, the LTV has actually been raised to 105%, which means you are going to qualify even if you owe between 80-105% of your mortgage. However it you are severely "underwater" and owe more than 105% of their home's value you will not be able to qualify for a home equity line of credit and may have to wait for some form of FHA streamline refinance via other lender driven provisions in the housing plan.

If you think you will qualify for a home mortgage refinance loan you should start getting ready to start the should I refinance my mortgage process as soon as possible because there will be a mad rush of applicants. Borrowers should first go about contacting their home mortgage refinance loan providers to see whether they are eligible for assistance. Click on the link and give me a call today for answers to your questions.