Ok.. So I have talked in the past regarding the new loan program President Obama talked about this past December. Rumor is that we should see something by late June 2012. This proposed loan program will more than likely be offered through FHA... currently if you have an FHA loan now, you can refinance without an appraisal, and take advantage of today's record low mortgage rates... if you have a VA loan; this product also has a refinance feature which eliminates the necessity for an appraisal. And now there's the "new and improved" HARP 2.0, for Fannie/Freddie owned loans. But that still leaves more than half of the US home loans ineligible for refinancing. This proposed program should help those borrowers. We still don't have the details yet, and it's any one's guess as to what cost FHA will charge for these loans, but it appears that help is on the way... With elections approaching, I'm pretty sure we will see something real soon... so "Stay Tuned... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com