FHA loans also allow for a non-occupying co borrower if that is an option for you. Your DTI Ratio can be considerably lower if someone would be willing to cosign with you.

Wayne is correct - you need to "trim the fat" on the debt load that you show on your credit bureaus...at least enough to get under 55% debt ratio. Once you are below that threshold, you have a shot! Focus on getting as large a loan as you can vs. the purchase price and use any other monies that you would have used for down payment to lower your debt or pay some things off. Consider all the options with your lender of choice and see how their loan programs work. If you are are working with a bank directly, it may be wise to find a local mortgage broker with a good reputation to get a second opinion. Sometimes brokers are able to structure a loan differently to help get an approval where a bank pretends like their hands are tied.

Erica, if you have debts like school loans that are truly deferred for the next 12 months, then get copies or proof the loans are deferred for 12 more months and those payments don't have to be calculated in debt-to-income ratios. Also, it is correct that FHA/VA typically will not use income that your husband gets for going to school unless it's more than 3 years to continue but even then, scooling income is usually ineligible.

Good Luck