https://www.efanniemae.com/sf/mortgageproducts/pdf/hsrenofacts.pdf (there is a link to the Power Point Presentation which you'll want to watch) which does 75% financing on investment properties. So you need to put down 25% based on the the (â€œas-isâ€ purchase price + renovation costs + contingency costs (if financed) + eligible soft costs + interest reserve).
Interest rates will be about .25% higher than if you purchased with a mortgage program that doesn't do renovation - but still you are looking in the low 5's on a 30-year fixed with excellent credit.
There is also the Fannie Mae HomePath Renovation loan program, but it's only for properties at http://www.homepath.com/ - same 25% down payment is required.
Jack Gillis, M.B.A., J.D.
Jack Gillis Realty Advisors
Nathan Grace Real Estate, Broker
5619 Dyer Street | Suite 100
Dallas, TX 75206