If someone’s credit rating with a stable income, but 500 is a bad idea to sign cooperation?

I have good credit and can show a house of $ 100,000.00 to my right, but I want to buy one for $ 225,000.00. With our combined incomes, we should be able to buy a house for that amount. However, its credit rating is in the 500. How our loan / mortgage? Will we still be eligible for a loan? Interest rates up or pay more each month?

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