Funding a deal that doesn’t qualify for Fannie Mae, FHA, or VA

[Evan Goff]

I found a 5 acre property with a 4bd 2b modular home and was able to talk the seller down to what she owes on it, $187,000. It's actual value is around $275,000. I am attempting to use a VA loan to take advantage of its 100% financing. Everything was going fine until the VA appraiser found that the house is still on its steel frame. He stated that unless the frame is removed and the home is put on a permanent foundation it does not qualify for Fannie Mae, FHA, or VA. The engineering inspector agrees with him. Now my options are 1) try and get the seller to put it on a foundation (she is a little old lady who doesn't have any extra cash lying around), 2) find a creative financing solution, 3) or let it go. I'm looking for advice on the second option but I am prepared to walk away if need be. Thanks

[Evan Goff]

Hey @Bob Okenwa, thanks for the quick response. So here is the plan for that property. I want to get into real estate investing but I need to get my wife and 4 kids into a house first. With this property I could kill 2 birds with 1 stone by getting my family a nice home and land with built in equity that I could take out to begin investing in real estate. Because I want to keep the property I want to avoid expensive loan options.