I learned about seller financing and was okay to offer a 30-year loan, a 5-year balloon, and 10k down.

Are you sure you can get a 30 year loan at 6.60% to purchase a property in this condition that needs $100k of work?

You get a 30yr loan on a fixed rate, the debt is paid by the tenants, while you still cash flow.

This is because FHA loans are assumable, which means that a potential buyer is willing to pay a higher price for a home if they can take over the existing low-interest rate mortgage.

I understand that VA loans are assumable, but I'm unsure how this affects the original borrower's ability to use their VA loan benefits in the future.

Thanks  I'm assuming thus was an owner occupant loan since you received a grant.

If there is a mortgage for example, you have a debt but it isn't like you can just pick up the payments because you have no legal standing to deal with the loan.

I have multiple sales closing next month, but have a situation where Im cash strapped and personally need $5k for less than $30 days.Does anyone do these type of loans not based on credit and fund fast?

Proof of Funds (PoF), Conditional Loan Agreements (CLA), Letter of Intent (LOI) are all attempts to show that some kind of financing has been investigated and is feasible, that's all. 

It's not 100% clear, but it sounds like what you're asking is how to get loans while you have a low credit score.