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New Fannie Mae Backed Refinance Options for AirBnb
It’s no surprise that the rental industry is changing, especially additions to the market such as Airbnb, which has become increasingly popular as an alternative to short-term rentals.
 
Now, refinancing will become easier for hosts. The company recently announced that it will be teaming up with Quicken Loans, Better Mortgage and Citizens Bank to allow hosts who have been renting out properties for over a year to apply their income toward a Fannie Mae backed refinance loan.
 
“At Airbnb, we’ve been able to help many reimagine the home as an asset, a destination and a contributor to the community,” said Nathan Blecharczyk, Airbnb co-founder and chief strategy officer, in a statement. “Today, some of the nation’s largest financial institutions understand that Airbnb is an economic empowerment tool that can generate important income for families, and they are working to recognize this.”
 
This partnership will be more beneficial for hosts doing short-term rentals, as the refinance options can be used for home improvements and future real estate investments.
 
“Technology is at the heart of everything we do at Quicken Loans, so it is a natural fit for us to partner with one of Silicon Valley’s most innovative companies,” said Jay Farner, Quicken Loans ... more

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