If the property only says "HomePath RENOVATION" then no, it's not possible to buy with a regular FHA.
I would recommend getting a HomePath mortgage if you are okay with paying slightly more than market value because there is no appraisal required. I just had a young couple beat out several other offers because they elected to get a HomePath mortgage versus going FHA. The Asset manager for Fannie Mae knows that the file will not land back on her/his desk because the FHA appraisal didn't come in.
As it turned out my clients that offered about $5k more than the place could appraise (at that point in time) now have about $10k equity because other Cash sales closed of similar properties.
For a HomePath mortgage, contact:
Russell A. Flock
Home Mortgage Consultant
NMLSR ID 246440
Wells Fargo Home Mortgage | 138 Island Way | Clearwater Beach, FL 33767
Tel (727) 442-7869 | Cell (727) 434-0280 | Fax (866) 967-3414
All the best,