You don't disclose her current monthly payments on her debt vs. current income. FHA, USDA and conventional loans have debt-to-income ratios that limit one's ability to borrow. With a 44% down payment she might get an exception (as that is considered a substantial down payment) The approx. payment on the 50,000 would be about 358 (PITI, principal, interest, taxes & insurance) if her total debt to income is less than 40% (including the house payment) she may qualify on an exception.
She could also partner up with a stronger borrower, or look into a USDA loan (which essentially is not FICO driven. Good luck . I would strongly advise against the interest only hard money loan.