Quicken Loans Owners Can Use Vrbo Rental Income To Refinance

Dated: 05/04/2019

Views: 382

Quicken Loans, one of the nation’s largest mortgage lenders, announced a partnership with vacation rental firm Vrbo that will allow homeowners to use rental income earned through short-term rentals to qualify for a mortgage refinance. Usually, rental income can only be used to qualify for a mortgage when it is earned from a home that is considered an investment property and not a short-term rental.

“Vrbo helps homeowners use one of their biggest assets as a source of income,” says Jay Farner, CEO of Quicken Loans. “Now Quicken Loans can accurately review that income and consider it when calculating the debt-to-income ratio—a major data point considered when qualifying for a mortgage. As our economy continues to evolve, it’s important that our lending calculations continue to evolve along with them.”

Homeowners can use the confirmed, documented rental income to show lenders their full income stream from their short-term rentals. Quicken Loans says that mortgages for primary residences, vacation homes, and investment properties are all eligible to apply.

More than half of Vrbo owners report using their rental income to cover at least 75 percent of their mortgage payment, says Bill Furlong, vice president of HomeAway, Americas.

About a year ago, another short-term rental company, Airbnb, partnered with Fannie Mae for a pilot program with some lenders to allow income from short-term rentals to be used in helping homeowners qualify for a refinance. Quicken Loans, Citizens Bank, and Better Mortgage were all part of that pilot program. Fannie Mae officials said the income could help more borrowers qualify for a refinance because it will increase the income side of their debt-to-income ratio.

Source: Quicken Loans

Blog author image

Stacey Grant Williams

My name is Stacey Grant-Williams! I am a proud military wife and a Preferred Real Estate Brokers realtor in Central Florida specializing in Celebration, Altamonte Springs, Clermont, Davenport, Haines ....

Want to Advertise on this Site?

Latest Blog Posts

Will There Be A New Wave Of Foreclosures Coming In The Future

With all that is going on with COVID-19, many are concerned so we may see a new wave of foreclosures in the near future. Restaurants, airlines, hotels, and many other industries are furloughing

Read More


Check out the Center for Disease Control and the World Health Organization for more information on how to protect your family and yourself. #healthy #health #thehelpfulagent #houseexpert

Read More


JUST WASH YOUR HANDS Your health and well-being of our local communities around the globe is very important. The World Health Organization (WHO) and the Centers for Disease Control and

Read More

Top 5 Home Design Trends

Top 5 Home Design Trends for a New DecadeWhether you’re planning a simple refresh or a full-scale renovation, it’s important to stay up-to-date on the latest trends in home design. Sellers who

Read More