On August 6, 2010, the U.S. Department of Housing and Urban Development (HUD) announced details for its new refinancing program to assist homeowners who owe more on their non-FHA mortgages than their home is worth. HUD originally announced the program in March. Beginning September 7, 2010, the Federal Housing Administration (FHA) will offer qualified non-FHA borrowers the opportunity to refinance with a FHA-insured mortgage on their primary residence. Borrowers must be current on their existing mortgage, qualify under FHA underwriting requirements, and have a credit score of at least 500. The first lien holder must agree to write off at least 10% of the remaining amount owed under the mortgage bringing the combined loan-to-value ratio (LTV) of all mortgages to 115% or less. The LTV for the new FHA mortgage may not exceed 97.75%. The Treasury Department will provide incentives to second lien holders who agree to forgive all or part of their liens. Additional information and guidelines can be found on the HUD website.