package didn't appraise!

[Tanya]

We've about given up, but thought I'd see if anyone had any last minute suggestions before it's too late...after months of working to put together a land/home package with Palm Harbor, 4 days before the Standard Offer and Acceptance concerning the land expires, the appraisal came in and it was 30,000 short. The area we want to live in is fairly remote and spread out, which of course is why we fell in love with it. A tiny town in a relatively undeveloped valley with a lot of untouched land and gorgeous views on every side. A 10 acre parcel for 40,000. The land value is going up rapidly there because of rising prices everywhere else. We thought that should make up for it. That is the reason the seller's don't want to wait any longer for us to buy the land. They've already had 2-3 solid offers for 50,000.
When the appraisal falls that far short, and we don't have 30,000 cash to make up for it, is there anything else that can be done? Would a cheaper model of home with no options work? Or would this just bring down the appraisal value?
Is it simply not possible to get financed for low-downpayment loans in remote areas? Have we been spinning our wheels all this time?

[rmurray]

First stop should be with your sales manager....Maybe another appraisal might be in order...Often they can vary in value from appraiser to appraiser..

Same size..less equipped house might work..appraisal should stay the same if the size is the same...again ask for details from the sales manager..

Appraisals in slow growing rural areas are always hard...for any type of home...have you thought about other areas??????????

You home can probably be converted to a modular...If so the interest rate will be lower...price a little higher...payment about the same..appraisal is much easier to get in some areas...again talk to your sales manager..

One of the problems you might have here is that some lenders only count the value of 5 acres of property...There are other lenders who do rural property regularly and count the whole value of the property...Again discuss this with the manager..

As an alternative...PH has a few lenders who do not use package appraisals...only land appraisals and they determine the value of the home from the factory invoice...This finance will require at least 5% down and probably will require a 640 credit score...The rates will be a little higher..about 7.5%...but there is NO PMI...lower closing costs and lower construction loan costs...Ask your GM about these programs..