Hard money lender vs renovation loan through Fannie Mae?

[Lauren D.]

Hello everyone, 

I am familiar with using hard money lender for distress property that will need rehab. Has anyone heard about renovation loan provided through Fannie Mae/Freddy Mac? a lender mentioned it to me today, and I have been reading about it. For investors who are buying and renovating old properties, do you know what is the main difference between hard money lender and renovation loan provided through Fannie Mae/Freddy Mac? What are the challenges and advantages of this type of loan? Appreciate your feedback. Thanks