Dummy question: conforming loan (fixed rate, approved, rate, refinancing)

[amylee134]

So we have been listening on radios and reading news on internet about the homeowner affordability things. And we wonder about whether we could refinance our underwater mortgage. So assuming that the government plan will be approved, we are looking into refinancing but have some questions below:

What is a conforming loan? Is our loan a conforming one: managed by PHH, bought at 350K - 30 years fixed rate and 100% financing. Now our house is worth less than 320K while our mortgage is 341K.

What is "refinancing through Fannie Mae and Freddy Mac"? My English is so bad that I can't get this and can't google about it either. Does that mean we will try to get refinance with this Fannie-Mac directly (and how?) or we will have to find someone who will do the refinancing, then sell our loan to Fannie-Mac? Or what else?

Of course we can afford our current payment, however saving a little more every month by refinancing at a lower rate will surely be considered.

Thank you very much for your time and consideration.
Have a wonderful evening
Amy

[amylee134]

Oh well.. I have just read carefully one more time the FAQs and the housing example at FinancialStability.gov and.. I am not eligible because:
- a little bit too deep in the water (more than 105% limit)
- my loan doesn't have anything such as Fannie Mae or Freddy Mac written on it

Gosh, I hate being negative but probably I should just pull all of my saving money out of the banks, buy somethings (a piece of land in SE Asia) for myself or just wrap money in tin foil and hide it in the toilet tank.