Not sure if I fully understand your question. I will try to answer though.
Fannie Mae has two mortgage products under the HomePath name. One of them is called HomePath Renovation Mortgage. This is a mortgage product where a buyer can purchase a property that needs work. In this product, the lender agrees to lend the purchase price + the repair amount.
For example, if you find a property that is selling for $100k and the estimated cost of repairs is $10k, the lender agrees to lend the extra $10k to the buyer. There are quite a few requirements that need to be met though. Here is a link to the HomePath website where you can find more information about the program -> http://www.homepath.com/financing.html
I sell real estate in Scottsdale and Phoenix. So I am afraid I can't really give you any more specific information regarding the property you inquired about. Please let me know if you need help finding a local real estate agent in the area. I will be glad to introduce you.
Jose Dias, REALTOR