Fannie Mae Backs Crypto Down Payments

0:00It's March 31st. Welcome to Durham News Today, powered by AI. I'm Corey with the story. Big news in the housing game. Fannie Mae is now backing standard home loans where you use crypto currency for the down payment. No need to sell your. Bitcoin or USD Coin? Linder Better Home and Finance teamed up with Coinbase to make this happen and it's the first time these conforming loans. Thank you every day. 30 year fixed mortgage except crypto as collateral. Earlier this month, the federal housing finance agency pushed Fannie Mae and Freddie Mac to get ready for crypto assets. Right now, only better offers this. So you stash your crypto in a Coinbase account and take out two loans, one main Fannie Mae loan using your house. As collateral and a second crypto backed one just for that down payment, starting as low as 3%. Folks in the industry are buzzing, saying this opens doors for first time buyers who got crypto, but no cash dash. Better CEO points out 41% of people lack down payment funds, yet whole digital assets or stocks. So pledging

1:04crypto could flip the script on who qualifies without those crazy high requirements from older programs like Milo. Details are rolling out. Property values cap at $832,750 for single units next year. Dead to income under 45% usually and you need two years of financial docs. Rates on the Fannie Mae part run about 0.3% lower than standard, like 5.95% versus 6.25% and Coinbase members snag rebates up to $5,000 for closing. This shift means cheaper borrowing overall compared to past crypto mortgages charging 7% to 9%, potentially flooding the market with new. Buyers, keep an eye on it as more lenders jump in and expand crypto options.