Lenders to allow Airbnb income on mortgage refinancing applications
12 February 2018 | 4178 views | 0
A group of US financial institutions are set to allow homeowners to count the income they earn from renting out their properties on Airbnb on their mortgage refinancing applications.
Airbnb has teamed up with Fannie Mae and three lenders - Quicken Loans, Citizens Bank and Better Mortgage - on the initiative, designed to bring financing into the gig economy age, where people increasingly supplement their income by renting out their homes.
Airbnb will provide its hosts with a Proof of Income statement that can be included, along with other information, on refinancing applications at the three lenders by people who want to get lower rates or free up equity.
Nathan Blecharczyk, co-founder, Airbnb, says: "We’re always looking for new and better ways to empower our hosts and we are hopeful that this initiative could lead to adoption by additional lenders in the future."