A new program allows the Michigan Housing Development Authority (MSHDA) to help homeowners with refinancing into more affordable, 30-year fixed-rate loans if they make less than $108,000 a year and paid no more than $224,500 for their homes.

In addition to the ARM refinance program, the new "Save the Dream" legislation creates a "Rescue Refinance Program" that will allow MSHDA to refinance borrowers who have been delinquent on their mortgage but are current now.

For more information visit MSHDA on the Web or call the toll-free consumer hotline, 1-866-946-7432.