New Lending Standards?

[Tyler M]

Hello, although we have about 600k to invest we are retired and the only income we have right now is a $1500 a month pension, we have good credit. Someone sent me a link to an article on November 20th, 2011 that said- ."In a significant change in lending standards, underwriters are now counting rental income toward income qualification. This means you only need a down payment and a 700 FICO score to buy an income property so long as its cashflow positive"
I would think that this would be a real game changer for a lot of people but have not heard much about this from other sources. Are you familiar with this new change? Since we only have a pension this change would allow us to get loans correct? Whereas before you needed to show income from other sources in order to buy a cashflow property. If too many people started doing this I wonder if this would cause downward pressure on rents. Lol, Do you think we could have a rent bubble?