DTI Mess: How do I get financing/start investing? (Student Loans)

[Anna Cooper]

Hi! Newbie here. I've been reading about real estate investing and want to jump in, but I'm afraid my husband and I won't qualify for financing. Hoping you all can help me work out what's realistic. 

I've got ~$250k in student loans, and my husband also has ~$250k in student loans (we met in law school). My husband's salary is ~$60k, and I'm a stay-at-home mom with no income. How on earth are we paying our loans? My husband qualifies for our law school's low-income protection program (they pay 100% of his loans) while I'm in the federal Income-Based Repayment Program (and pay $0 a month). We have ~$110K in cash savings.

Is there any hope for us getting financing? I've tried using DTI calculators, but our monthly student loan payment doesn't accurately reflect the amount of student loans we have. Is there a way to get FHA financing with our numbers?

Paying with cash is an option, but we're in NYC--finding a local opportunity we can afford is like finding a sesame seed in a haystack. I'm reading up on long-distance investing but would feel more comfortable having my first investment be nearby. 

Thoughts on whether (a) we can get financing (hopefully FHA/traditional) or (b) we should go for a cash-down investment? Any other advice for someone in my position is also welcome.

Thanks in advance!