Lenders now consider income from short-term rentals in refinancing

Source: Michele Lerner, Washington Post (Paid Registration)

In a nod to acknowledge the gig economy, Fannie Mae has approved a pilot program to allow income from short-term rentals through Airbnb to help homeowners qualify for a refinance.

So far, just Quicken Loans, Citizens Bank and Better Mortgage are partnering with Airbnb. That could change in the future as Fannie Mae evaluates the initiative and may decide to back mortgages from other lenders including Airbnb income for loan qualifications.

Read Full Article: Lenders now consider income from short-term rentals in refinancing

 
 

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