Koppers - Your question is somewhat vague as there is not enough details to actually give you an answer yes or no. If you are willing to talk to a Certified Mortgage Planner for 30 minutes to really discuss the details of you and your husband's personal financial situation, then you could feel confident about taking the next step.
By the way, I am a Certified Mortgage Planner and only 1 of 5 actively licensed in the state of Indiana. Furthermore, my office is right down town ni Crown Point and my team would love to speak with you and help you through the next stage of home ownership for your family.
Check out the site below and you can even complete a loan application to get you started from the comfort of your existing home during the Blizzard of 2011. Look forward to hearing from you soon.
The best way to find out what your options are regarding purchasing a new home is to go through the pre-qualification process (http://www.luettmortgagegroup.com/start/). We do not charge for this service and are able to lend in Crown Point.
You need to talk to a local loan officer to see if you qualify for a loan in your current situation. First you need to know if you can qualify for loan, given what your credit score and credit report may be. Let's assume you qualify on that basis, but what if you need to sell your condo before you can qualify for a new home loan. That's great info to know, if you need to sell your condo, you should list it for sale ASAP. (FYI, in general, condos take longer to sell than a house.) Don't worry about your student loan debt as long as you are not delinquent on your payments. FHA mortgage loans are available for owner occupied property. So an FHA loan is available for your new home, but not for your condo. Make sure you talk to the loan officer about the FHA credit requirements.
Without your overall financial information, visit with any qualified loan officer(s), after reviewing your overall financial information, a determination on qualification can be made--the type of loan, how much, etc.; if for some reason you don't yet qualify, your loan officer may offer great suggestions as to what needs to be done in order to qualify in the very near future.
You really need to sit down with a loan officer or mortgage broker who will review your credit scores, debt to income ratio, etc. If you need the name of someone, I'd be happy to help. Also, in order to sell and then buy, you really should have a Realtor working for you. I can also refer you to an experienced agent in your area. Just send me a note.