Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE.” This week, we answer the question: Can I buy a home with cryptocurrency?
Crypto currencies are a hot new topic these days! But can cryptocurrency be used to buy a home? The answer to this question is a bit complex, but when it comes to qualifying for a mortgage, here’s what you need to know.
The cryptocurrency needs to be liquidated into U.S. dollars and deposited into an eligible U.S. bank account, such as a savings or checking, and seasoned in the account for AT LEAST 2 months. The cryptocurrency can then be used towards your down payment, closing costs, or cash reserves. The guidelines could change, so it’s best to do continued research to stay up to date on the latest policies. Check out the official Fannie Mae website for detailed guidelines on how cryptocurrency can be used to buy a home.
Everyone’s situation differs depending on your individual qualifications and mortgage needs, as well as loan program, so contact us or book your loan consultation today to get started on your homebuying journey with our team of mortgage experts you can trust.