No you would not be eligible for the 'Obama Plan' as it is spefically designed for conventional loans (fannie mae or freddie mac). Since you have an FHA loan you would be eligible for an FHA streamline but at your current rate it is doubtful you would benefit from that program.
And at your present LTV a cashout refinance is pretty much impossible. Sorry I do not have better news for you.
However if you have 20% equity, then you may want to look into a conforming mortgage refinance, as you could then eliminate the monthly MI you are paying right now. Mid 600's won't get the best interest rate with a conforming loan program, it may be higher than what you are currently paying, but since the monthly MI is pretty significant (you are probably paying about .85% or .9% per year) then it is something you may want to look into (you could always pay points to buy the rate down).
The new "Obama Plan" (which I suspect you are referring to the expanded program guidelines from FHFA) is explained at the link below, along with a copy/paste of the eligibility requirements:
Which borrowers may be eligible for an enhanced HARP?
In general, borrowers must meet the following criteria:
- The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae (check at the http://www.fanniemae.com/loanlookup/ or http://www.freddiemac.com/mymortgage/ websites)
- The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
- The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
- The current loan-to-value (LTV) ratio must be greater than 80%.
- The borrower must be current on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months.
1- You do not have a FannieMae or FreddieMac
2- You did not close before June 2009
3- You are looking for a cash out refinance
Since you have your mortgage for a year, you can do a cash out FHA refinance up to 85%. What was your original LTV? Do you still have a copy of your appraisal?
You need to find a mortgage officer familiar with FHA and NYC (we have the highest closing costs) to go over the numbers with you to see if it makes any sense since you would be paying a higher monthly MI and most of the closing costs again. It may make sense to do a streamline FHA refinance which means no cash out.