The government extended the refinance program giving homeowners another year to refinance. The program intends to help borrowers whose homes have dropped in value.

The Home Affordable Refinance Program of the Obama administration has been extended to June 30, 2011. This was originally set to end on June 10, the Federal Housing Finance Agency said Monday.

The program is administered by Fannie Mae and FreddieMac.

In 2009, it was originally projected to help 4 million refinance mortgages, as loans were purchased guaranteed by Fannie Mae and Freddie Mac.