Financing a unique property

[Lance Rogers]

I'm working on financing a 4 acre property in Rock Hill SC with a unique home. The home is a 4 car garage with a 2 bedroom apartment on top. There is one bathroom upstairs and one downstairs. I was approved for an FHA loan, but we have not been able to get an appraisal so I have started to look elsewhere. My credit union agreed to finance it with 10% down, but came back today saying they would only finance 50% due to the home being unique. I've applied to a few other lenders, but I think they will probably say the same thing. My plan for the property is to live in the existing home for 1-2 years and then use cash to build the main house. What else should I try to close the deal?

[Eric Veronica]

@Lance Rogers You  may want to see if the seller is willing to provide seller financing.  Very likely that any buyer is going to run into the same issues.  Hopefully the seller realizes this and has an open mind about non-traditional financing.