The President's announcement of a new refinance program will let borrowers refinance their home regardless of how far their homes have fallen in value. This program eliminates previous limits. The plan will also streamline the process by eliminating appraisals and extensive underwriting requirements for most borrowers. The homeowners must be current on their mortgage payments. Not all lenders will be participating but you can refinance with a participating lender. The details of the program will be put into place around November 15th and some lenders may be ready to implement as early as December 1st. Here are some of the detail we already know.