Probably - minimum score is 640 as I have been told. However, renovation loans are super difficult to get and Homepath Reno is even harder as very few lenders can do it. With a lower end score, you will probably need to have good assets, low debt to income ratio and good credit history.
I know a lender who does this and I would be happy to hook you up with them. Or I believe they are on the fannie mae website at http://www.homepath.com.
On the other hand, an FHA loan with no reno or even a conventional would be a lot easier.