Q. If I refinance using the government's Home Affordable program and have less than 20% equity, will I need to have private mortgage insurance?

A. For most conventional mortgages, you've got to buy private mortgage insurance (PMI) to protect lenders against default if you have less than 20% equity in the home.

But the rules are different for the Home Affordable program.

If you don't have private mortgage insurance (PMI) now, you won't be required to buy it, even if you have less than 20% equity after the refinancing.

If your current loan requires PMI and you have less than 20% equity after your refinancing, you'll have to continue the coverage. But your mortgage insurance premiums will remain the same. They won't go up.

Here's where to find the ABCs of the Home Affordable program.