Why can’t I refinance? Home lending revamp planned

Key points of this overhaul are that:
* new program will be open to those owing more than 125% of their home’s value
* Appraisal and underwriting requirements will be reduced
* Loan fees will drop and will be waived for borrowers who want to reduce their loan term
* Borrowers must be current on the previous six payments
Currently, one big hurdle to refinancing are low appraisals. These appraisals are often paid by the borrower.
Pricing for this new program should come available mid November, but in the meantime, homeowners can still apply for a HARP (Home Affordable Refinance Program), which allows borrowers with less than 20% in equity, refinance ( Ask your lender for details)
Wall Street Journal link to above referenced article: