Additional refinancing options for underwater borrowers will become available today from the U.S. Department of Housing and Urban Development.

Certain underwater, non- Federal Housing Administration (FHA) borrowers may qualify for a new FHA-insured mortgage, according to a statement.

To be eligible for the FHA’s short refinance program, the homeowner must: owe more on their mortgage than their home is worth and be current on their existing mortgage; qualify for the new loan under standard FHA underwriting requirements; the property must be the homeowner’s primary residence and the borrower’s existing first lien holder must agree to write off at least 10 percent of their unpaid principal balance; the existing loan to be refinanced must not be an FHA-insured loan; and the refinanced FHA-insured first mortgage must have a loan-to-value ratio of no more than 97.75 percent and a combined loan-to-value ratio no greater than 115 percent.