Maybe he sould try to get a cosigner that will help him to purchase the property.
Your cousin CAN get a loan with that low score. Ask any lender for FHA loan, or .... go with a private investor if your cousin has a sizable downkpayment.
It may be tougher but not impossible. Good luck, call me if you think I can help. Be glad to.
There are many things that go into decisions by lenders to offer a mortgage to a potential buyer.
Without knowing several other factors along with his credit score and without knowing what on his credit report has his score at that level, i would need to discuss further with you to see what can be done.
There are ways to that may help him purchase such as adding a co-borrower and several fha style loans.
If you would like to discuss further or have any further questions, please feel free to call or email me.
Thanks and good luck!
Axiom Real Estate/Axiom Lending