I was told my by loan offer over a year ago that the rates in spring of 2024 would be back in the low 6's high 5's... look where we are. 

- A traditional investment loan down payment of 25% down is doable but still hard to cash flow.

Hi Flavia, the loan is 3.99%, which is not happening in today's market.  

This would help you potentially qualify for an FHA loan when you execute the purchase option.Option 2: 5% payment for the option with the option payment spread out over 12 months from the 2nd month until the 13thmonth.

No matter how many times I messaged them explaining the urgency of the situation.

It is because they did not really stop to evaluate your specific situation and gave you a generic answer.You placed it in service in 2023, so your only option for now is to amend 2023.

Should I ask if he has a loan on the property that is assumable?

You could do an 80% LTV cash out on a DSCR loan, however you will need to be able to debt service at the higher loan amount and rate to qualify.

Since the property is there, I can only do investor loans in AL, but from a consumer standpoint you can do Conventional, FHA, VA, and USDA as a renovation loan where you take the cost of the property plus the cost of the renovations as your purchase price up to the value of an "As-Repaired" appraisal.

Essentially I am finding and procuring the land/lot via traditional financing and funding everything through the development phase until we get to Construction Loan.