To qualify for the Refinance Underwater Mortgage program, homeowners must meet the following requirements: they must have one mortgage loan on the property (some exceptions may be made for two loans), the property value must be at least 15-20% below the amount owed, and the homeowner can be current or late on mortgage payments (though success is higher for those over 60 days late). The program aims to help homeowners build equity in properties where their mortgage exceeds the current home value.