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Questions About Making Home Affordable

Is is true that if you have PMI that you cannot refinance under the Making Home Affordable program?

i was told my Wells Fargo whom i currently have my home loan with and when i asked them about the program they said that i did not qualify because i have private mortgage insurance.

Industry Expert answers:

Yes, it’s true. You can still refinance, but not under the new higher loan to values w/out PMI program.

I want to refinance under the making home affordable plan. I have not been late on my mortgage.?

My payments have NEVER been late but my credit score is 540 because of some other issues. Can I qualify under this program still? I heard that it is not credit driven?

Industry Expert answers:

No, the plan is to prevent foreclosure, not for budget improvement. You do not need the plan, therefore will not qualify.

You are correct on the plan, which is not a refi, but a modification, your credit score does not come into play.

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