Nic pretty much nailed it - with what you are looking to do (cash out to an LTV above 80%) you'll need FHA financing, which caps cashing out to 85% LTV. You will also need to have owned your home for 1 year before an appraised value higher than the purchase price can be used. Your rate is OK, may be able to get a lower rate but for the refinance costs & how the annual MI has increased by .25% since you got your loan, you may not see much savings at all.
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/
- 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.