Further, the reason for the denial is not based on anything about you personally, it was because the property in question didn't have sufficient value or the type of property couldn't be approved. According to that notice, you could come back to that same lender and re-apply for a different property which qualifies, and assuming your personal situation hasn't changed for the worse you would likely be able to get the loan.
Shane Milne | Lending in all 50 states | NMLS #81195
More than one way to resolve some property/loan problems, just depends what it is.
Speak to the loan officer who was working with you. They will have more information and know if there is any adjustment you can make to the loan application to complete the purchase of that property or need to find another property. It doesn't sound like it was your personal qualification for a loan, just the property....but the loan officer knows best.