A Seattle-based startup is helping homebuyers, including those in Federal Way, with down payments in exchange for listing their homes on Airbnb.
Loftium will provide up to $50,000, not to exceed 10 percent of a conventional mortgage for a primary residence.
Homebuyers who want Loftium’s down payment help agree to rent out a spare bedroom and split the income with the company for 12 to 36 months after buying their new home, according to a media release from Loftium.
Loftium, which first offered the program in Seattle, expanded Feb. 1 to the greater-Seattle area, including Federal Way.
Buyers choose a home to purchase, apply for a loan through Umpqua Bank and put at least 1 percent toward the down payment. Loftium will estimate the income potential of renting the home’s spare bedroom on Airbnb and will then offer a lump-sum prepayment to use toward the remaining down payment, according to the media release.
The down payment assistance is not a loan, financing or other extension of credit to the purchaser.
For more information, visit loftium.com, email email@example.com or call or text 844-LOFTIUM.