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For the Record

September 13, 2008

Mortgage rates: An article in Section A on Thursday incorrectly reported that guidelines being implemented by Fannie Mae next year require home buyers to put down at least 15% of the purchase price. For homes that will be occupied by the buyer, the guidelines leave the minimum down payment unchanged at 5%. The article also said the maximum loan amount on a "cash-out" refinancing of a mortgage on a rental home fell to 75% of the property's value. In fact, the guidelines set the maximum loan amount for cash-out refinancings at 85% of the property value, down from 90%. Finally, the article described First Mortgage Corp. in Diamond Bar as a loan broker. It is a mortgage bank.

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