The only renovation loan currently available BESIDES The fha203k is the Fannie Mae HomePath Renovation loan, which IS availble with 5% down, BUT it is limited to Fannie Mae Foreclosures listed on their website at http://www.homepath.com. You can, however, go down to a 660 score.
I do know of some individual investors who are doing construction and rehab loans, but the credit score would need to be perfect, (740+) and the down payment would need to be about 30%
Call with any questions.
There is a program called Fannie Mae Homestyle but very few lenders offer the program. It is a conventional loan so the down payment amount would likely be 10% if it is the borrowers primary home and 20-25% for investors.
If you do decide to use the 203k loan then let me know and I can help you. Read my website at http://www.203kloanschicago.com.
David P. Cruickshank
Ardain Mortgage Corp