For an anchor to credit the issuing assets directly to a users account, does the anchor first need to have the equivalent amount of Lumens to be converted to their issuing assets. Or can the anchor directly credit assets which will just be soe value?
You do not need to hold Lumens to be an anchor. You are supposed to hold the actual asset (like the real BTC) that your token represents before you send it.
You don't need to have an equivalent amount of Lumens. But you need to have the base reserve fee and some Lumens. You need to spend 100 stroops (0.00001 XLM) for each operation that you perform, including issuing assets.