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Fed program offers real estate at half-price

Schools families on how to buy a house

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Ten lucky families in St. Louis, Miami, Philadelphia, Seattle, Chicago, Atlanta, Detroit, Minneapolis, Columbus, Ohio and Kansas City, Mo. will have the chance to own a home of their own as part of the Homewise Program unveiled today by the Department of Housing and Urban Development. HUD, in cooperation with the National Housing Endowment, Wells Fargo Home Mortgage and the National Association of Home Builders, aims to encourage housing counseling nationwide by offering an opportunity to share in the American Dream of home ownership Under the pilot program, the National Housing Endowment will purchase 10 HUD homes and will work with a local NAHB-affiliated home builder to renovate each property using in-kind donations of labor and materials, as well as $100,000 in donated funds each from Fannie Mae and Freddie Mac. Once restored, the homes will be sold to selected home buyers for a 50 percent discount. Eligible buyers must be first-time home buyers who have completed an approv...