Here\’s a strange one C a new company called Loftium is offering down payment money and \”monthly mortgage assistance\” if you ever agree to Airbnb one your new home\’s extra bedrooms.
The data is pretty scant, but it appears Loftium wants more short-term inventory to rent out via Airbnb in exchange for some upfront mortgage help.
Up to $20k Toward Your Mortgage Down Payment
As noted, there\’s barely anything regarding this company on the internet, including on their own webpage, which is surprising because even most obscure companies will have some sort of footprint.
All I could find was info on two co-founders, Adam Stelle and Yifan Zhang, both with backgrounds in tech startups, including an app called Pact that pays anyone to be healthy, paid by members who aren\’t.
And a Seattle-based phone number, which could be where the company might be headquartered. It would make sense given the housing boom up there, as well as the lack of available supply.
It seems Loftium pays up to $20,000 toward a new home\’s (or condo?) mortgage pay in if you agree to list your spare bedroom(s) on Airbnb for 12 to Three years.
I suppose it\’s like buying a multi-unit property where you live in one unit and rent the other unit(s), except you\’re letting a third-party company run the show with another third-party company. Confused yet?
You may potentially have hundreds of guests all year long, as opposed to just one tenant who resides in your unit the entire time. Additionally it is unclear if your bedrooms would sometimes be occupied all the time, or if which would depend on if anyone actually planned to rent it on Airbnb. So plenty of uncertainty here.
My assumption is always that properties in the heart of metropolitan areas is able to fetch larger down payment funds and mortgage the help of Loftium.
As for that assistance, it\’s unclear how much the company will provide to the homeowner, but again, it may depend on the area along with the attributes of the property. It’ll most likely be some percentage of the Airbnb rent.
Is Mtss is a Good Way to Qualify for More Mortgage?
Assuming finance companies and banks are cool with this company providing first deposit assistance and you renting out more than one rooms, you could potentially buy more house, although you would still likely really need to qualify for the entire housing payment alone without this supplemental \”income\” from Loftium because it’s short-term.
At the same time frame, many folks can afford higher monthly payments, but often don\’t have the pay in funds necessary to qualify for a more expensive home purchase-so this could fill a necessity.
But there\’s also the matter of risk C will lenders treat these properties which can be explicitly being turned into partial short-term rentals, at the very least initially, the same as other owner-occupied properties?
This is just about the complexities of the new Sharing Economy, which often there isn\’t much data to go on. Would a home with such a legal contract be a greater mortgage default risk, or perhaps lower one?
This isn\’t the very first time that Airbnb and mortgage lenders have crossed paths C last summer, it was actually reported that homeowners renting out rooms using the service were facing more scrutiny a web based business to refinance thanks to confusing occupancy issues.
And in 2015, Realtor and Airbnb collaborated while on an \”Airbnb before buying\” campaign that lets prospective home buyers book accommodations in neighborhoods where they\’re deciding on purchasing a home.
This latest concept strikes me for a little odd, having someone transfer to your new home shortly after you\’ve just moved in-hmm.