Quicken Loans Debuts Refi Program for Vrbo Property Owners

Phil Hall

Apr 17, 2019

Photo credit: Getty Images/Marija Jovovic

Quicken Loans has partnered vacation rental company Vrbo on a new program that allows rental income earned through Vrbo to be used to qualify for a mortgage refinance.

According to the companies, the new program uses confirmed and documented rental income to allow homeowners to detail their full income stream. Mortgages for primary residences, vacation homes and investment properties are all eligible through this innovative new program. Furthermore, Quicken Loans clients can use income generated from offering their properties for rent as vacation homes on Vrbo to qualify for a conventional mortgage to refinance their mortgage.

"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."

Link copied

Published

Apr 17, 2019

People On The Move

MBA Appoints Rachel Kelley Legislative Affairs VP

Kelley's focus will be on Republican members in the House.

The Mortgage Bankers Association appointed Rachel Kelley as its vice president of legislative affairs, with a focus on advocating MBA's legislative and policy priorities on Capitol Hill, particularly among Republican members of the U.S. House of Representatives. Kelley bring...

Analysis and Data

Mortgage Applications Inch Up 0.3%

Despite a 50 basis point decline in rates over past six weeks, purchase activity remained approximately 20% lower than the previous year.

Mortgage applications saw a marginal uptick of 0.3% for the week ending Nov. 24, 2023, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey. The results, however, have been adjusted to account for the Thanksgiving holiday. The ...