Cash out refi issue

[Chris Fayling]

Hey bp, I am buying my primary home via land contract, from my grandparents. I have a lot of equity, I only owe 30,0000 on a house that is worth around 100,000, so I was trying to take advantage of my equity and put it to work. I was working with a lender and was trying for an fha cash out refi. Everything was going smooth until the payment history. The land contract dose not have a “due date” on it, some of he payments are further apart than 30 days, just because of the simple fact it’s to my grandparents and it was kinda just I’ll pay ya when I see ya basis. According to the grandparents we have never made a late payment, but fha shut it down and terminated the loan no if’s ands or buts. Is there any other way I can cash out refi?? According to the lender I was working with fha is the only option and currently a 12 month perfect “on time” payment history is the only was to get fha. I’m here in Michigan and any advice is helpful, and very appreciated thank you in advance! -Chris