President Obama announced a plan that would expand the pool of homeowners who could get federal help in refinancing mortgages at historically low rates that the market offers now.

The administration estimated that as many as 3.5 million people who do not have federally backed loans might be eligible for the program, which previously had targeted only the guaranteed mortgages.

Officials also said another 11 million people who hold government-backed loans from Fannie Mae and Freddie Mac might benefit.

The plan would deem borrowers eligible for refinancing if their credit scores are at least 580 and  their loans fall within the Federal Housing Administration’s limits, which range from $271,050 to $729,750. HousingZone.com reported that a "Homeowners' Bill of Rights" about financing is in the plan, too.

The  National Association of Home Builders said it liked the president's idea.