Refinancing options get tricky

South Florida homeowners seeking to refinance their mortgages must pass muster if they are trying to get loans from private lenders that are insured against default by the Federal Housing Administration. Owners who owe more their houses are now worth face the biggest struggle. Starting in October, the new federal housing law sets out a path that would give borrowers a new FHA-insured loan if their lenders agree to accept 85 percent of the home’s current value.