Did a quick search online but sounds like Fannie Mae's conventional 97 loan for first time home buyershttp://themortgagereports.com/17168/fha-convention...Keep in mind you will have to pay PMI (private mortgage insurance) on it.  

Is the seller HUD, Fannie Mae or a bank? 

Good morning Mollie, are you not able to utilize a DSCR loan for the property?

My son just turned 26 and called me up to say he's just bought a condo using a Fannie Mae 3.5% loan plus he took the first time buyer Fannie Mae test and was credited with $5900 at closing so that's pretty close to a Low or no down.

If you're house hacking, you can take out a 5% down conventional Fannie Mae loan.

That will remove a few issues that you "may" face when getting the other Fannie Mae approval.

I was pretty much set on an FHA 203k or Fannie Mae HomeStyle loan to bundle some of the major renovation costs (add central A/C, etc.) into the mortgage, but looks like I may run into a few hiccups.1.

I actually just closed on duplex in Charlotte with the 5% Fannie Mae conventional loan.

You don't need a local lender, but local lenders tend to be more willing to work with you on an individual basis, especially if you don't confirm to the typical Fannie Mae guidelines. 

Fannie Mae guidelines do allow them to provide 12 months of cancelled checks to show that they've paid the mortgage for you and, therefore, they can remove it from your DTI, but the lender needs to sign off.