Conventional Renovation Loan vs. other rehab finance options

[Amy Summer]

Hello! First-time homebuyer here. I recently came across the Fannie mae home style loan, which I understand is a conventional renovation mortgage. I want to know what is the benefit to obtaining  a property under this type of mortgage vs. doing a traditional conventional mortgage and financing the renovations by other methods (ex: hard money or personal loan). Is this a strategy that most investors use starting out? What are the pros and cons for the home style loan?