I've been a host for 3.5 years and it's now my main source of income. Interest rates have dropped a lot, so I tried to refinance my mortage through one of the 3 Airbnb bank partners (Better Mortgage.) I have a 740 credit score, no debt, my house is worth than $450k than what I owe on my mortgage balance and I've owned my home for 6 years. But I was told from Better Mortgage and 2 other banks that Fannie Mac/Freddie will not use ANY income from an ADU (Accessory Dwelling Unit, a property that's on the owners property.) I asked if they wanted to see this years Airbnb Proof of Income statement and they said they only look at taxes from 2019/2020 for income (I'm completely self-employed.)
The lenders told me they will only take the Airbnb income if it's a completely separate property (like a condo rental.)
Airbnb's refinance page states this:
https://blog.atairbnb.com/mortgage-refinancing/
"For the first time, hosts in the U.S. will be able to work with participating lenders to recognize Airbnb home sharing income from their PRIMARY RESIDENCE as part of their mortgage refinancing application. This could help unlock potential savings for hosts and help them reach their financial goals. The three mortgage lenders in the initiative are Quicken Loans, Citizens Bank, and Better Mortgage.
- When you apply, include your Airbnb Proof of Income with your application. Your Proof of Income allows these lending institutions to consider your Airbnb income when processing your application. You can find your Proof of Income here. Each lending institution may request additional information to see if you qualify. Check with your lender to see what documents you’ll need."
