Income from your Airbnb rental may soon help you refinance the mortgage on your primary home. A new initiative from Airbnb with Fannie Mae and three major financial institutions will let some mortgage lenders consider income from Airbnbs for applicants looking to refinance their home.
The initiative will allow Airbnb hosts in the US to include their Airbnb Proof of Income, along with their application and other standard financial information when they apply to refinance their mortgage with Quicken Loans, Citizens Bank or Better Mortgage. Banks didn't previously consider money received for an Airbnb as part of an applicant's total income.
Fannie Mae has been looking for new ways to offer affordable mortgage credit to consumers and this project is part of that effort. Including this income with applications could help people get the funding they need for home improvements.
Full details on how this initiative works are available here from Airbnb.