FHA loan: "The remaining economic life for the home " issue

[Pamela M.]

Hi all,

I am trying to close on a multifamily property and to begin with it's been a journey. This is a FHA loan so I understand it is strict. The appraisal came out to be lower than the list price which the seller agreed to. The house in a decent condition (no repairs needed) and in a decent location and is selling for the average price of that location. Recently my lender informed that the appraiser had noted this:

The appraisal/property was not able to be approved as it did not meet FHA requirements. The remaining economic life for the home is only 15 years and the term requested was 30.

So my lender has offered me 15 years which I do not want. Is there any workaround for this? Any suggestions are appreciated. Thanks!