Guild Mortgage And Airbnb Team Up For New Refi Option
Guild Mortgage has launched a partnership that will consider short-term rental income for from Airbnb, making it an acceptable source for qualifying income on applications for refinancing. This new partnership will support owner-occupied primary residences, according to a press release.
"Available to qualifying borrowers in all states in which Guild provides mortgage financing, the refinancing option offers loans with up to 97% loan-to-value ratios for rate and term refinances, and up to 80% loan-to-value ratios for cash-out refinances," according to the release.
"A minimum credit score of 620 and debt-to-income ratio of no more than 50 percent are required to qualify."
According to Guild's president and CEO Mary Ann McGarry, the company is continuing to strive for developing "niche mortgage programs" to serve a wider base of homebuyers and homeowners in unique situations.
"To apply, customers must document proof of their Airbnb rental income by providing two years of their personal tax returns, including Schedule E," according to the release.
"They must also provide an Airbnb income statement that demonstrates a minimum two-year history of receiving short-term rental income from the borrower’s principal residence or, if less than 24 months but greater than 12 months of stable history of short-term rental income, a percentage of the rental income may be used for qualification."
To learn more about the partnership between Guild and Airbnb, click on the image above.