Yes, this program is still available. The property has to be Fannie Mae owned, and also qualify/be eligible for the renovation loan program. You can't just apply for this type of financing on any property.
In terms of the Fannie Mae-owned properties, generally they offer 2 types of ownership/financing programs, each with unique benefits.
HomePath - low down payment, no PMI, and no appraisal needed.
HomePath Renovation mortgage - one loan includes the funding for the purchase and renovation - up to 35% of the completed value of the improvement (no more than $35,000). This loan product is available for investors, and owner-occupants.
Freddie Mac offers a program called "HomeSteps" - which basically offers financing benefits similar to the HomePath program.