Refinancing Problems. Can't count AirBNB income for refinance.

[Reid6]

We are hitting a brick wall trying to refinance our primary and second home because underwriters will not approve AirBNB income, even though it is legitimately filed on a Schedule E for several years running and show a profit.

We are besides ourselves  now that interest rates are so low, as we have built a nice revenue stream and dedicated alot of time to our AirBNB's only to find out this will now hurt us financially when trying to refinance or buy another property.

Although it does list here https://www.airbnb.com/help/article/2193/mortgage-refinancing on the AirBNB site that they have partnered with Quicken and Better Mortgage, I have called both and Better says they do not partner with them anymore and Quicken will only count a portion of the income reported even though it was all was filed with the IRS and we paid taxes on the money..... which just seems crazy!

If anyone else has had any experience with this and/or any insight on lenders that will accept all AirBNB income including Primary and Secondary homes we appreciate it? 

I am hoping that AirBNB can find other lenders to partner with that will work with AirBNB Hosts to accept the income hosts are generating. 

[Helen3]

Don't know how it works in the US but here in the UK very few mortgage companies will consider STR income, as income that you can take into account when applying for a mortgage, the income is far too unstable, particularly in the current Covid market.  @Reid6 

I absolutely understand why mortgage companies are not biting off your hand to refinance your STR listings in the current climate. Far too high risk.

Why not get a mortgage broker and see if they can help you identify someone.

[JoAnn-And-Derek0]

@Helen3  in the current climate, or any time, no one’s employment or stream of income could be guaranteed. People lose their jobs all the time. I have been and continue to make a steady stream from Air BnB for the last eight years.  I feel the central banks do not like the idea of a shared economy that competes with corporate hotels.  

[Amy801]

Yes! Just ran into this problem today with NOVA home loans...wtf?

[JoAnn-And-Derek0]

@Amy801 Have you found any company to refinance with yet?

[Nathalie-Et-Gilles0]

@Reid6 

Same in France as in UK for the same reasons.

Touristic rentals revenues are not taken into account by banks to get a loan.

Except if you have properties fully paid and other regular revenus which can cover the risk.

Banks do a good job in checking if the buyer can be in a difficult position to repay the loan.

They have regulatory rules to follow.

What is your plan B to pay if you loose your job?

[Lorna170]

@Reid6   We own (for over 15 years) several vacation rental properties that we file the income for on our Schedule E.  None of the rental income was ever considered when refinancing the properties for lower interest rates.  It did not matter which bank, credit union or mortgage lender we went to.   

[JoAnn-And-Derek0]

After trying five times to refinance my house, I’ve finally have this confirmed by the second bank. The loan officers were completely unaware of it and encouraged me to refinance and jump through all the hoops of getting an appraisal and application. And I told them at the onset it was rental property they insisted it was not a problem!!  
Why doesn’t  Airbnb become or start their own Refinancing company??

[Tamara170]

I'm having the same challenge. I'd like to do a cash out refi on my primary residence (from which AirBnb is also my primary income source) and I cannot find a bank that wants my business. Better Mortgage is not participating in the AirBnb refi program. And I'm waiting to hear back from Rocket/Quicken Mortgage.