3 Days before closing

[Dametric Shaw]

I have .5 acre of land that I purchased and placed a renovated double wide 2176sf 4/3 MH on for sale. It appraised at 170K. We also had our foundation engineered certified (FHA required) Had a scheduled closing with an FHA buyer. Three days prior to close, FHA stated that since the home was moved twice, it was disqualified for FHA funding. Also, the buyer's DTI ratio does not qualify for conventional funding. Since the buyer was initially qualified to close, I was thinking about initiating a lease with an option to buy. In addition, I was looking for the monies from the sale to fund set up rentals on additional land that i own. Need suggestions on cash out refi for MH or some wisdom from the group.

[Rachel H.]

@Dametric Shaw You can either try to work with the buyer and go the owner financing or lease with option to purchase route, or try to work with another buyer who will qualify with another lender outside of FHA financing.

If you need the money now in cash, you may want to find a different buyer to work with. If not and you're comfortable with the current buyer, you can look into owner financing or the lease with option to purchase route. 

Hope that helps!