Can I get a mortage?

[Nathan P.]

I have been lurking a long time here and have tackled about half the podcasts.

My game plan is to get into a small multi-family (2-4 units) with a FHA/203k loan.

My problem is I dont believe I will be qualified for the mortgage. I have about 50k in credit card debt that I used to finance a business and that is on track to pay off in about 18 months. The problem is all the credit cards are personal debt in my name and are affecting my score and debt/income ratio. I do a lot of different sales jobs as a 1099 contractor so I do have inconsistent income but it is in the range of 40k per year.

Me and my wife also got married this year and she has a zero credit score and started a job making about 30k per year two months ago.

Any mortgage professionals out there that could tell me if its worth taking a shot on getting a home loan right now or if I need to wait it out for me to have a better case down the road?

[Marcin Zajac]

I would focus on paying the credit card debt first and building a good credit. This should be your starting point . After this is done you will have a fresh start with no additional headaches and serious risk.
Imagine that you just bought a property and suddenly it needs a new roof or new AC unit and you are out of cash and $50k in cc debt ... that would mean a big trouble.
Wait after credit cards are paid off and than enjoy investing with much lower risk.