At any given time, the lender will look at many things, amongst which one of them is debt to income ratio. If both of you have enough income to pay for a new home, which considering all the debt (including payments of older homes purchased), they will be more likely to qualify for a loan.
This statement is simply one of the several things they look at. Other important considerations include credit score, assets, income, purpose of purchasing home, tax returns, etc
I would talk to a Lender right away who can guide you for your particular scenario.
Best of Luck!
Equity Capital Real Estate
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