Hard money/Fannie Mae refinancing

[Jay Y.]

Hello all,

I currently have 4 conventional loans and am working on houses 5-10.  Ideally, I'd like to use hard money for the purchase as well as rehabbing then refi into a nice 30 year fixed loan at less than 5% interest.  I wanted to double check that I can indeed do this with a Fannie Mae, I've spoken to a couple lenders who told me that wasn't possible but I wanted to check here as well.  I'm aware that Freddie Mae does have some different guidelines regarding refinancing.  

If that's not possible then what are people doing?  Just putting down 25% then paying the rehab costs out of pocket?

Thanks so much!!