Homestyle Renovation Fannie Mae Jumbo loans?!

[Jason Ines]

Hello BP!

Has anyone ever done a jumbo loan (80/10/10) concurrently with a Fannie Mae Homestyle Renovation loan? Is this even possible? 

I am a first time home buyer saving up for a down payment and thought this would be a great way to acquire my first home. The way I want to execute would be FannieMae Homestyle Renovation loan for the 80% then second mortgage for 10% and put down 10%. Looking around 350k home prices in southern California. I'm trying to utilize a second mortgage and benefit from writing off the interest from the second mortgage as oppose to paying the PMI with no tax deduction and at the same time finding a good deal to renovate, live in, then later buy and hold, or sell with appreciation. Rinse and repeat.

Is this even possible? Anyone with homestyle Renovation, 203k 203(k) , Fannie mae knowledge please help me!

Thanks in advanced BP. 

-Jason