Home Equity Line of Credit w/AirBnB income

[Tamara170]

Any recent news on how homeowner's can use their AirBnB income to qualify for a HELOC? My home is my primary residence AND it generates 100% of my income from AirBnb. I'd like to do a remodel and need a loan. But my ONLY income is from AirBnb. Anyone know of a bank who will lend to me?

[Brian2036]

@Tamara170estimating your home equity@Tamara170loan-to-value ratio@Tamara170

@Tamara170 

You have an admirable record of success and you will probably find bankers who will give you a line of credit if you shop around.

 You can establish an average income for the years you have been operating your business by showing them your income tax returns.

They will probably take the average of the past three years to use as a baseline. You should explain that you will be using the HELOC to improve your rental property which should increase your income.

Good luck—

[Karen-And-Kurt0]

I think yur missing the point as i am under same restrictions. Own home free n clear. Home is my primary res but I schedule E the AIRBNB income. Banks deny my HELOC stating that it's an income property because of 2 yrs of sched. E income on tax returns. THEREFORE banks deny the HELOC. Looking for some Equity cash out on 500K+ equity. Any suggestions??

[Karen-And-Kurt0]

I think yer missing the point as i am under same restrictions. Own home free n clear. Home is my primary res but I schedule E the AIRBNB income. Banks deny my HELOC stating that it's an income property because of 2 yrs of schedule. E income on tax returns. THEREFORE banks deny the HELOC. Looking for some Equity cash out on 500K+ equity. Any suggestions??

[Charleen4]

HI, I have this question also.  Does anyone know of banks allowing Airbnb income for HLOC loans?