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As a mortgage broker, I can tell you that it is illegal to consider age when taking a mortgage application. And frankly the lenders don't really care how old you are. I just did a 30 yr loan for a 68 year old and it was not an issue. She had SS and a part time job and more than qualified for her loan.

The top Debt to Income ratios allowed by most lenders are about 40% to 42% but I always dscourage people from going that high. It's hard to actually live with 40% of GROSS incoem going to housing costs. I'd stay at about 20-25% or less if you can. Much more comfortable for you. We are at 20% and it's a good level. You have money to do other things in life and still get a tax deduction.

(PS...I retired from another career and started this at 51 and love doing mortgages!)

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