The new version of the Obama Administration’s Home Affordable Refinance Program, which allows underwater and upside-down homeowners to refinance at lower rates is seeing “tremendous” interest, according to Ed DeMarco, acting head of the Federal Housing Finance Administration.

The program had been limited to homeowners who owe less than 125% of their home’s value, but that limit was lifted. Borrowers still need to be current on their existing mortgages to qualify.