The government is giving homeowners another year to refinance their loans under a little-used program designed to help borrowers whose homes have fallen in value.

According to the Federal Housing Finance Agency, the Obama administration’s Home Affordable Refinance Program had been scheduled to end on June 10, 2010 but will now run until June 30, 2011.

The program allows borrowers who are indebted up to 25 percent more than their homes are worth to refinance to lower interest rates. It was initially projected to help 4 million to 5 million homeowners with loans owned or assured by Fannie Mae and Freddie Mac. So far, it has helped around 220,000, according to the Treasury Department.