Fannie Mae announced a record year for its small mutlifamily program ( 5+ units).

Fannie Mae just traded at $1.01.

http://www.housingwire.com/articles/print/35087-fannie-mae-lenders-say-its-now-easier-to-get-a-mortgage"For the first time in seven quarters, we see a pronounced increase in the share of lenders, particularly medium- and larger-sized lenders, reporting on net an easing of credit standards in both the GSE eligible and non-GSE eligible loan categories,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. 

However Fannie Mae offers a Homepath Reno loan for their properties and if the property has gone passed the time allotted for owner/occupant, then investors can purchase and use the reno loan.

Looks like HARP requires your mortgage to be a Fannie Mae or Freddie Mac, unfortunately ours is not.

Nick - you can do a conventional cash-out refinance immediately after completing the rehab under Fannie Mae's Delayed Financing Exception:https://www.royalunitedmortgage.com/blog/2012/01/friday/cash-out/cash-out-refinance-available-sooner-under-delayed-financing-rule Royal United Mortgage operates in many/most states.

Tried portfolios lenders, but they are flowing Fannie Mae guidelines, leaving us stuck.

In fannie mae conventional loans (5 to 10 anyway), there is a seasoning requirement before they can use the appraisal value. 

Have you ever heard of Vanessa Mae?

Limit applies to Fannie Mae, too.