Fannie Mae Cash Out Refinance (Acquisition + Renovation Costs)

[David Lucas]

Hello BP - 

I am planning to refinance one of my rentals, I paid cash for the home, and I've been told by one mortgage broker that I can refi 70% of the acquisition price + 70% of all documented renovations. Just wondering if the latter is indeed true—refi'ing the renovations as well? I was told that it's a Fannie Mae product for investors with less than 9 properties. I just want to ensure that this type of refi/renovation product does indeed exist as time is of the essence. 

Many thanks,

David