The total number of mortgage refinances in the U.S. experienced a slight increase in June as mortgage rates dropped from May, according to the Federal Housing Finance Agency’s (FHFA) Second Quarter 2014 Refinance Report.

Despite the increase in refinances, however, the FHFA reports that many borrowers are eligible to refinance through the government’s Home Affordable Refinance Program (HARP) but have not. HARP-refinanced homes made up only about 15.7 percent of total refinances in Q2.

You may qualify for HARP (Home Affordable Refinance Program) even if you:

• Have little or no equity or owe more than your home is worth
• Were turned down in the past
• Have a low credit score or income
• Don’t have money for closing costs