Fannie Mae Homestyle Renovation loan

[Nicholas M McWilliams]

Hi Everyone,

I recently put in my first offer ever on a small single family (2 bed 1 bath 1000 sq. ft) and I am using a Fannie Mae Homestyle renovation loan to pay for the purchase price of the house and the renovations. It has a leaking roof, some structural damage to the joists and band sills, some cracked window panes, moldy drywall/popcorn ceiling, etc.  The mortgage lender says that all the work that makes the house "livable" must be done by the contractor. I plan on doing the rest of the work myself (flooring, painting, patching cracks in drywall, etc.). What other items in a house must be fixed in order to make the house "livable?" I am in the state of NC. 

I am trying to have the bare minimum on the loan to keep down the mortgage cost so I can do the rest of the work myself.  

Thanks,

-Nick