Using Airbnb Income On A Mortgage Application // Today’s Mortgage News – Growella

A major, overdue change in what you can declare as income on your mortgage app This is Dan on your inside team at Growella working from a makeshift studio with this story and others in today's Mortgage Minute-and-a-Half

Let's pick up today where we left off in the last episode — with mortgage rates Because they're a force right now Since the start of the year, which was only a few weeks ago, 30-year fixed rates across all loan types are up about 50 basis points, or zero-point-five percentage points, and that's a lot We have to go back to 2009 to find a time when mortgage rates spiked with this much force So home buyers: if you were looking at a mortgage payment of a thousand dollars per month for that future home on January 1, today that payment's a thousand seventy-five

That's nine hundred extra dollars per year and if you think a change like that won't affect your pre-approval, think again Get with your lender today to double-check that pre-approval of yours or, if you're not working with a lender just yet, click the link in the description and we'll get you connected tout straight away Mortgage rates They're bonkers Not because they're higher but because they're all over the place

It's tough to pin them down, they're changing so fast Two or three times as fast as usual So here's about where we're at now For conforming mortgages, the more aggressive US

lenders are showing 30-year rates near 4375, FHA rates are four-and-a-quarter, and USDA and VA mortgage rates, which are almost always the lowest, are pricing near 4125 Rates vary by lender and how you put your loan together affects your rates, too If you take your lender's zero-closing cost option, for example, you can expect to get a higher rate

On the plus side, somebody else will be paying for your freight Zero-closing cost loans are just one of your options with your mortgage so ask your lender what might work best for you A new loan option's got homeowners saying “all right” Fannie Mae has just announced its backing for Airbnb-sourced income as part of a your mortgage application which means you can turn those sometimes-rentals into line-items on your loan app This is a major win for the Gig Economy, which is characterized by people taking their idle assets, their homes in this case, and turning those assets into income

It also reminds us that the invention of the telephone wasn't so important It was the second telephone that mattered Because lenders have been saying they'll do gig economy homes for years but, until now, those loans were kept in portfolio at high mortgage rates and with challenging standards of proof A “quagmire”, maybe? With Fannie Mae's backing, those loans now have places they can go The process is cheaper, faster, and easier, and that's got everyone saying “giggity”

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