A Quicken Loans Program Now Allows Vrbo Rental Income To Be Used to Qualify for a Mortgage
April 17, 2019 - America’s largest mortgage lender, Quicken Loans, has joined with the vacation rental marketplace VRBO®, to allow rental income earned through VRBO to be considered when qualifying for a mortgage or mortgage refinancing. Previously, only rental income from an investment property was able to be used in the application process. With this new program, a mortgage applicant can now use the income from the short-term rental of primary or secondary residences to qualify for a new mortgage. Mortgages This allows homeowners to illustrate their debt-to-income ratio much more accurately.
Bill Furlong, vice president of HomeAway, Americas (VRBO’s parent company) said: “For the first time ever, homeowners can use their Vrbo rental income to be considered for a mortgage refinance, unlocking more value and financial returns on their property investments.” Mr. Furlong also stated that “Over 50 percent of Vrbo owners use their rental income to cover at least 75 percent of their mortgage payment.”
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