There maybe some reserve restrictions nowadays, etc. 

I wouldn't go with a deposit taking organization (i.e. a bank) as nowadays they are doing a minority of the loan originations.So, I look at it as a matter of service, but the mortgage company but really the loan officer. 

 If you turned yours in and seller reviewed all offers at once (which is what usually happens nowadays), the offer that is “expired” could be extended quite easily if agent asks their agent.

I was interested in this deal because nowadays buying a house for $130,000 seems impossible!

FHA gets a "bonus" since even 4 family units are allowed to be 3.5% down...Generally, nowadays investor properties are 20% to 25% down as I recall depending if its on teh purchase or on a refi (latter is definitely 25% down / 75% ltv)But, I think back to your question...  

But I'm wondering what's the average mortgage rate nowadays for a 30yr loan with at least above 700 credits? 

Go to the casino and watch roulette.

Remember that notes are NOT real estate no matter how much sellers will convince you of that otherwise.Pricing nowadays is ridiculous so as Chris mentioned gurus will often cite examples of buying at 50 cents where more often than not on public websites like Paperstac you will get assets sold to you at 70-85 cents. 

Deals to exist but they are certainly harder to find nowadays.

Nowadays with Stessa, Thumbtack, Turbo Tenant…you can basically do it yourself remotely without the hassle of dealing with sub par property managers.