Better Home & Finance, Coinbase to offer mortgage backed by cryptocurrencies
Better Home & Finance and Coinbase are partnering to offer a mortgage backed by cryptocurrencies, allowing borrowers to use their crypto holdings as collateral for down payments. The mortgage will be available in the next three months and will accept Bitcoin and USDC as collateral, with terms designed in accordance with Fannie Mae guidelines.
Better Home & Finance and Coinbase are introducing a crypto-backed mortgage. Borrowers can use their Bitcoin or USDC holdings as collateral for down payments. The mortgage terms remain unchanged even if the crypto value drops. However, the collateral is at risk of liquidation if mortgage payments are missed for 60 days. The partnership aims to make homeownership more accessible to crypto investors. The mortgage is designed to meet Fannie Mae guidelines, making it eligible for lower interest rates.
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