Getting a Mortgage: Low income, but everything else is good?

[Richard C.]

Hello Everyone!

I was wondering if anyone knows if its possible to get a mortgage loan like an FHA and getting preapproved for it with low income lets say 15k-25k a year or even less as an example, but having an excellent credit score, no debt, and a huge savings already (for the down payment). What I mean by no debt is, school loans all paid off, car loan paid off, and only thing are credit cards which all have close to 0 balance or under 10% total utilization rate on my report. The income is the only criteria thats lacking. How do lenders decide or operate in those circumstances where all other areas of your profile is good besides the income? What can you do to get around that? What if you're bringing in say about 2k a month income from a job and majority of that pay can go towards your mortgage payments because you are living at home rent free and you don't have much monthly living expenses on anything else. Given the information above, would a lender provide a mortgage loan to someone like this? Is there any way in the pre-approval process to plead your case in a written statement on why or how you would be able to pay for the mortgage? Can a mortgage underwriter override the numbers and approve you based on ability to pay it back without strictly looking at the income numbers? Any feedback would be much appreciated!