Fannie May Homepath Property

[Mark Cios]

I’m currently looking for an investment property to either fix and flip or possibly brrrr. It is a Fannie may homepath property that just came on the market. It is completely gutted and has been sprayed white down to the studs(there was a fire at some point and was abated) My understanding was that Fannie may properties were for first time home buyers or low income households to be able to afford a home. This house would require a complete renovation and I would be looking to come in with a hard money loan offer. We are a well off young couple that has fixed and flipped our first home and are living in a 350k house and make about 140k combined(not gloating just trying to give you an idea of our economic status). Are we eligible to put in an offer on the house and if so are there any restrictions such as having to live there for a certain period of time? My understanding was that these properties were posted for the people that truly needed it for the first 30 days and then became open to the public if they didn’t sell. Am I wasting my time looking at this home?