Owners of vacation properties rented out through Vrbo will now be able to use income from those rentals to qualify for a refinance mortgage from Quicken Loans.
The exclusive program uses confirmed and documented rental income so homeowners can more accurately illustrate their full income stream and eligibility includes mortgages for primary residences, vacation homes and investment properties.
"Vrbo helps homeowners use one of their biggest assets as a source of income. Now Quicken Loans can accurately review that income and consider it when calculating the debt-to-income ratio – a major data point considers when qualifying for a mortgage," said Jay Farner, CEO of Quicken Loans. "As our economy continues to evolve, it's important that our lending calculations continue to evolve along with them."
Vrbo provides homeowners with accurate, real time data on their earnings which can then be shared with their Quicken Loans mortgage banker.
“Over 50% of Vrbo owners use their rental income to cover at least 75% of their mortgage payment," said Bill Furlong, vice president of HomeAway, Americas. "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."
More market update: