Coinbase expands its Bitcoin mortgage program to allow borrowers buy houses without needing to sell BTC. Better Mortgage and the exchange have made their token-backed mortgage conforming loan available to all Coinbase One users. This product, which closed its first Bitcoin Fannie Mae-backed loan in June, is now available nationwide.
Coinbase states that the mortgages were originated by Better powered by Coinbase and are serviced as standard conforming loans under Fannie Mae. This crypto-backed mortgage allows qualified borrowers the option to use their digital assets as a down payment, without having to sell them first. The waitlist, which was launched in June, generated over $260,000,000 in loan volume. 76% of the respondents were Coinbase One Members and 60% planned to buy their home in six months. On August 12, the expanded offer was made available.
Coinbase One users who are approved for a loan from Better can receive an additional credit of up to $10,000, equal to 1% the value of their mortgage. Better announced that the credit is now available for standard mortgages as well as home equity loans and refinances. This launch follows the completion of a first Bitcoin-backed Fannie Mae loan in June. The product has now been made available in its entirety, and the focus is shifting from a test case towards if crypto-backed loans can have a lasting place within the U.S. conventional mortgage market.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru
