WOODBURY - President Barack Obama announced changes to an existing program today that aims to assist homeowners who are underwater on their mortgages.

Under the program, called the Home Affordable Refinance Program, homeowners with federally guaranteed mortgages that owe more than their homes are worth can have refinancing fees lowered and they won't have to receive a new appraisal on the home when refinancing.

However, homeowners must have good credit and made all of their payments in the last six months to qualify for the program.