Post by High Priestess on Nov 26, 2015 2:12:32 GMT
Tim shared Nov 24 2015
Mortgages & Airbnb Income
Anyone get a mortgage loan recently? Any problems using Airbnb income for loan?
It seems that Freddie Mac and Fannie Mae mortgage giants forbid using short-term income on loan applications. Looks like this is a recent development with the implementation of new federal loan guidelines.
I recently applied and was told by many funding sources that they would only offer a mortagage loan to me as an "investors loan" which is 1/2 point or more higher than the conventional loans. ;(
Maybe it is time for Airbnb-style mortgage banks?
roy and patti
They have them. they are called loansharks
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Keith (keith)
I heard of one host using a credit union that accepted their str income. That was in summer. Likely big banks won't count it but theoretically if the income stream is steady it should count. But with uncertainty around regulation, stability of future income is risky for the banks.
Mortgages & Airbnb Income
Anyone get a mortgage loan recently? Any problems using Airbnb income for loan?
It seems that Freddie Mac and Fannie Mae mortgage giants forbid using short-term income on loan applications. Looks like this is a recent development with the implementation of new federal loan guidelines.
I recently applied and was told by many funding sources that they would only offer a mortagage loan to me as an "investors loan" which is 1/2 point or more higher than the conventional loans. ;(
Maybe it is time for Airbnb-style mortgage banks?
roy and patti
They have them. they are called loansharks
Reply Like
Keith (keith)
I heard of one host using a credit union that accepted their str income. That was in summer. Likely big banks won't count it but theoretically if the income stream is steady it should count. But with uncertainty around regulation, stability of future income is risky for the banks.