Can I get approved for an FHA loan even if I have a lot of debt?

My husband and I would love to jump on purchasing a house to take advantage of the tax credit, but we have a considerable amount of debt-- his is in student loans, and mine is in credit cards. Our current rent payment is substantially more than our mortgage payment would be, so we know we are capable of taking... show more My husband and I would love to jump on purchasing a house to take advantage of the tax credit, but we have a considerable amount of debt-- his is in student loans, and mine is in credit cards.

Our current rent payment is substantially more than our mortgage payment would be, so we know we are capable of taking care of the costs. However, we are concerned about getting approved in the first place, given our debt is so high.

What are the chances that we will be approved without having to spend a year or three paying down our debts?
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