Using STR Income to Qualify for Financing

[Michael Rendon]

Hello I was hoping to seek some guidance on a bit of a dilemma I am in, thank you for any advice! 

I purchased a turnkey STR 15 months ago and it has been cash flowing since month one, this was an investment mortgage. I also purchased a home 12 months ago that I have been turning into an STR and it will begin cash flowing this March, this was a primary residence mortgage so myself and my family have been living in it.

We were hoping to purchase another home this summer using a primary residence mortgage. I am struggling to find a way to do this though because my lender says without 24 months history they cannot recognize the income from my short term rentals. Because of this, my DTI is too high to reasonably take on another mortgage.

[Justin Hinckley]

@Michael Rendon I had this issue trying to get a loan for a second airbnb, attempting to use my first airbnb income for consideration as income. I called national banks, local banks, credit unions, and some hard money lenders. With one exception, none of them would accept the income without 24 months of income tracked. I was at about 18 months at the time. One hard money lender would accept it, but there were many other issues with how that lender wanted to proceed. It ultimately happened after I acquired more W2 income.