There’s a great article over at CNNMoney.com that talks about Obama’s real estate rescue plan. Unveiled last week, Obama’s real estate rescue plan is also known as the $75 billion Homeowner Affordability and Stability Plan.

It includes two things, the first being that the government is “aiming to help more homeowners refinance to take advantage of low interest rates.” The second is that the plan will give lenders and servicers incentives to restructure mortgages at more affordable levels.

More information about Obama’s real estate rescue plan is coming early next month. But people are wondering how they can find out about whether they’ll be able to get in on what the plan offers.

CNN points out that there’s help for people looking to refinance — people who have kept current on their mortgages might not have been able to refinance because home prices have fallen. If you owe more than your home’s market value, you won’t qualify for refinancing — you much have at least 20% equity in your home unless you’re using an FHA loan. Homeowners that have a debt that exceeds their home value by 5% may even be eligible, says the article, but the loan has to be owned or backed by Fannie or Freddie.

If your property value has declined severely, as in put you underwater by more than 5%, you won’t be eligible. Also not eligible: homeowners with “jumbo” mortgages. You have to have a “conforming” mortgages, and  you’ll have to prove you have the income necessary to keep up with your payments.

Obama’s real estate rescue plan also brings up mortgage modification help for at-risk borrowers. The CNNMoney.com article notes that homeowners who are at risk of default or in default might qualify for a loan modification — that means it’d restructure the terms of the loan. If you wind up qualifying for this, your lender could reduce your monthly mortgage payments to 31% of your gross income, staying that way for five years before reverting back to the conforming loan rates. There are many people who are not eligible for this, like people who bought homes for investment or those who were irresponsible in their borrowing, for example.

Stay on top of the latest of what’s going on with Obama’s real estate rescue plan, also known as the Homeowner Affordability and Stability Plan, by checking out CNNMoney.com. There should be much more information available about it on March 4.