Conventional Renovation Loan vs. other rehab finance options

[Amy Summer]

Hello! First-time homebuyer here. I recently came across the Fannie mae home style loan, which I understand is a conventional renovation mortgage. I want to know what is the benefit to obtaining  a property under this type of mortgage vs. doing a traditional conventional mortgage and financing the renovations by other methods (ex: hard money or personal loan). Is this a strategy that most investors use starting out? What are the pros and cons for the home style loan? 

[Robin Simon]

Quote from @Amy Summer:

Hello! First-time homebuyer here. I recently came across the Fannie mae home style loan, which I understand is a conventional renovation mortgage. I want to know what is the benefit to obtaining  a property under this type of mortgage vs. doing a traditional conventional mortgage and financing the renovations by other methods (ex: hard money or personal loan). Is this a strategy that most investors use starting out? What are the pros and cons for the home style loan? 

 Biggest difference is going to be the tradeoffs (which has pros and cons) of lower rates and fees but much more hassle, paperwork, time suck and potential for deals not working with strict requirements (conventional) vs. hard money (higher rates and fees, but much quicker, much less documentation and time and hassle, and a much lower likelihood of deal dying - hard money lenders can be much more flexible)