A lot can change in 14 months. Just over a year ago, we were all just starting to get used to life during the shutdown. At that point, government-sponsored mortgage origination was on track to hit an all-time high and eventually did by the end of the year.  Things are different this year, however, as cryptocurrency has entered the world of real estate.

Bitcoin in Real Estate

In March of this year, exotic mortgages started making a major comeback when many major lenders opted to accept Bitcoin and other cryptocurrencies as a valid form of down payment. At this point, buyers can provide a minimum down payment of 25% for loans up to $3 million, fully in bitcoin. 

Qualifying for a Loan Using Bitcoin

If you are interested in getting a loan using bitcoin, you will have to meet a few qualifications first:

  • Middle FICO score of 700 or higher if putting 25% down
  • Middle FICO score of 660 or higher if putting 45% down

That is really it! If you meet either of these qualifications, you will likely be able to secure a loan with around 5% interest, whether you prefer to use cash or cryptocurrency.

Throughout your researching process, something to keep in mind is that Fannie Mae will only recognize cryptocurrency if it was first converted into US currency, deposited into an asset account and then seasoned for a minimum of two months. Additionally, you must prove that the cryptocurrency account funds were indeed legally in the buyer’s possession before the loan is approved.

The bottom line here is that bitcoin truly seems to be here to stay, and it can now be legally used to help you secure the home of your dreams!

Secure the Home of Your Dreams with Golden Lenders

Golden Lenders helps home buyers in Colorado, Florida, and California understand the different types of mortgages available and provide loans to help people achieve the dream of homeownership.  Since the specifics of which mortgage to choose is dependent on a variety of factors, we encourage you to call us for more information and find out which is right for you. Our number is (303) 482-2361, or you can send us a message.