Quicken Loans Partners With Vrbo To Allow Hosts To Use Rental Income For Mortgage Refinance
Quicken Loans will now allow Vrbo hosts the ability to use rental income to refinance their mortgages, according to a recent report. Quicken had already been a part of a similar move, partnering with Airbnb, a short-term rental platform like Vrbo.
"According to Quicken Loans, borrowers can use income generated from offering their properties for rent as vacation homes on Vrbo to qualify for a refinance," according to HousingWire.
"Typically, only rental income that comes from an investment property can be used when qualifying for a mortgage. Income from short-term rentals was not eligible to use in the mortgage underwriting process, although it should be noted that many short-term rental users use income derived from those rentals to pay their mortgage."
The report revealed that borrowers are welcome to use the Vrbo refinance program, however, the income must come from a primary or second home. The company also claimed to be the first to give Vrbo hosts the ability to use income generated from these properties for mortgage refis.
"Quicken said that it is able to use the income generated from Vrbo rentals in the underwriting process thanks to confirmed and documented rental income information that comes directly from Vrbo," according to the report.
To learn more about the new Quicken and Vrbo deal, click on the image above.
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