Fannie Mae program could help AZ homebuyers using federal foreclosure funds

Arizona homebuyers trying to tap federal funds to help them purchase foreclosure homes might find it a little easier now.
Mortgage giant Fannie Mae recently launched a program called “First Look” that bars investors for bidding on its foreclosure homes for the first 15 days they go on the market. In metropolitan Phoenix, first-time buyers typically lose out to investors on the best foreclosure homes.
In April, the Arizona Housing Dept., several Valley cities and Tucson received a total of $121 million in federal money from the U.S. Department of Housing and Urban Development’s Neighborhood Stabilization Fund, NSP. Most of the …

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