What is the reality of me buying a new $300,000 home? If I make...?

Yes it may be possible for you to get approved for a home loan to buy a home of $300,000 based of your combined income. Even if you have poor credit there may be some lenders that can still approve you for a home loan even with poor credit. But the question you may want to consider is can you realistically afford a mortgage payment on a $300,000 loan? Even if you get a great rate, which may be hard without good credit, a mortgage payment is going to be over $2,000 dollars per month on a $300,000 loan. That will be more than 50% of your monthly income.