Confused? Please only comment if you know I would call but I don't like talking. My husband is the smarter one and if I call I'll forget.

Question

So I live in Houston, Tx my husband and I are looking in to buying a house or putting a down payment down for one. We were going to try to get a 300,000 loan but I know it might be to much and they wouldn't approve. So my husband told me what about a 30,000$ for a downpayment then we pay the rest monthly if that's possible. Right now we've been building his credit up it's in the 600s or 700s. Will there be any places that do that and if we put a downpayment will we be able to do monthly payments for it? Please don't judge we are still pretty young and no nothing about houses or loans.

Answer

I work for a mortgage company, if you’d like to chat about the requirements, message me. But here’s in a nutshell:
You can do exactly what the other poster suggested, and go to the bank first to see what you’re approved for. That’s easiest, and that way you’ll have a pre-approval letter to show you actually can buy someone’s house. Then find a realtor you like, tell them what you want and how much you want to spend. 
My advice to you is: make sure you have 20% to put down, to avoid mortgage insurance. You’ll likely have an FHA loan, and they require you to carry insurance on the loan in case you default. The only way to avoid this unnecessary cost is to put 20% down payment. 
Last advice: DO NOT open any credit accounts right now. No cars. No credit cards. Not even a sears card. They all will mess with your application.

Answer

There’s no way for us to really know it all depends on proof of income and credit the bank will see if you qualify for the loan if you make enough to pay off a $300,000 the monthly mortgage will be at least $2,000 or $3,000 are able to afford that? If yes your first step is getting approved the back will actually tell you how much they’ll approve you for and you look for a home in that range and then the home has to pass inspection and be worth the amount as well good luck definitely call your loan officer it’s exiting to buy a home

Answer

Talk to a lender at a bank.  They will take your income and look up your credit, and they will help you see what you can afford and what you need for a down payment.  I was able to get a loan with only 5% down, but a lot of lenders will require you to pay a small extra monthly fee called PMI, or private mortgage insurance, if you dont put 20% down.  It's rolled into your mortgage, so you don't even notice it.

Answer

When you buy a house through a realtor with a down payment, you go through a lender who will take you based on your income, credit score, debt to income ratio, etc. which also effects how much of a loan you qualify for. The realtor pretty much does all of the work finding all of that for you. When you find one, you give your down payment, and then you pay your monthly payments (mortgage) to the lender. 
Unless you and him make a shit ton of money, have perfect credit, and a low debt to income ratio...you won’t get close to 300,000. 
You could get a loan for $30,000 for a down payment, but that debt will count against you when lenders look at your info.

Confused? Please only comment if you know I would call but I don't like talking. My husband is the smarter one and if I call I'll forget.

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