Airbnb Wins Big Mortgage Support, But Loses Detroit

Airbnb Wins Big Mortgage Support, But Loses Detroit

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Inman Connect San Francisco, Jul 16-20, 2018

Airbnb got a major win for its hosts on Thursday — but also dealt with the fallout from a serious and unusual blow in Detroit.

People who list their homes on Airbnb will be able to report their earnings as income when they apply to refinance their homes via Fannie Mae, Quicken Loans, Citizens Bank and Better Mortgage. In the past, lenders haven’t recognized money coming in through Airbnb as income on mortgage applications.

“For the first time, hosts in the U.S. will be able to work with participating lenders to recognize Airbnb home sharing income from their primary residence as part of their mortgage refinancing application,” Airbnb said in a blog post.

This only applies to home refinancing, not to first-time mortgage applicants. Airbnb didn’t answer questions about the reasoning behind this.

Airbnb will provide hosts with an “Airbnb Proof of Income” form when they apply via these lenders.

“We are very excited to be collaborating with the leader in home-sharing and tec…

Article image credited to Open Grid Scheduler / Grid Engine / flickr / CC0 1.0 Universal (CC0 1.0)