Best loan to aim for

[Anonymous]

I’m looking for a loan that will pay for a significant renovation of at least $50K on a house that’s currently valued at $42K, but can be so much more. It’s paid in full. Mine and my husband’s credit is not great low 500s and I’m working on repairing and building it, but I do best with a goal in mind. Income of $65K/year at least, could be more hard to say right now. What’s the best loan for my situation? We live in a rural area, no military background. We have 2 CU loans, 1 30 day late in the past 12 months at 1 CU. Though we always push that 30 days, I’m working to get us back on track. Any advice for best course of action?

[H-B]

You need to work on your credit so have better credit score.  FHA if you have 3.50% down payment because of your credit score you will get better interest rate compare to conventional. USDA loan is other option which could be available if the property is in certain area.