I wanted to add that I think the portfolio lenders have it right for this group. Many borrowers nearing retirement or who have taken early or deferred retirement can VERY EASILY pay PITI equal to 50% of their monthly income into oblivion. This group just doesn’t have the level of monthly expenses as do parents who are raising minor children. In addition, save for home maintenance and repairs, the majority of this group doesn’t really need anything. They already have everything they need and aren’t going to upgrade to all the latest gadgets/appliancess/vehicles, etc because they don’t care about such things. So they SHOULD be held to a different standard for mortgage – qualification purposes, especially if their credit is excellent.
