You can now buy a place as a second home and use airbnb income to help qualify. What a boom for second home communities.
Previously, you paid about an extra 1/4% in rate because they wanted the purchase labeled as Investment.
The lenders all have to adopt it so give it about a month before it trickles down to lender. And we will let you know on this blog!
("Fannie Mae issues ruling on renting newly-purchased second homes on Airbnb," The Real Deal - Miama on Apr 19, 2019)
Fannie Mae recently clarified a rule favorably to owners of second homes with Fannie Mae-backed mortgages. Since 2001 there has been confusion as to whether an owner was permitted under the Fannie Mae rules to rent out a second home as a short-term rental and, as a result, many lenders required owners to take out an investment mortgage at a higher interest rate than a traditional mortgage. This created significant uncertainty and increased costs for owners and their lenders. With Fannie Mae’s clarification, it is now unequivocal that an owner is allowed to rent out a second home on a short-term basis (there are some caveats, including restrictions against turning over the home to a timeshare arrangement or management company).