First Time Home Buyer in NY w/ bad credit but large down payment needs help!!!?

my fiance and I are first time homebuyers with horrible credit (me=555, he=559). We like a house and the asking price is $89,000. We have $20,000 for a down payment. We have a combined income of $60,000. Will a lender look over bad credit with a large down payment? This house is located in Niagara Falls, NY. ... show more my fiance and I are first time homebuyers with horrible credit (me=555, he=559). We like a house and the asking price is $89,000. We have $20,000 for a down payment. We have a combined income of $60,000. Will a lender look over bad credit with a large down payment? This house is located in Niagara Falls, NY. Would a co-signer help us in securing a lower interest rate? Do you thik we would qualify for any first time homebuyer programs?
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