The Federal Housing Finance Agency (FHFA) in the United States will study whether cryptocurrency holdings can be considered in mortgage qualification assessments.

In a post on X on Tuesday, William Pulte, the FHFA director nominated by President Trump, stated that the agency is reviewing cryptocurrency. He said, "We will study the use of cryptocurrency holdings as it relates to mortgage qualification."

The FHFA sets rules for government-sponsored enterprises in the U.S. — the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. If the agency allows borrowers to list Bitcoin (BTC), stablecoins, or other tokens as qualifying assets, it would deeply integrate this asset class into traditional finance.

Until January 23, most major banks were unable to offer cryptocurrency mortgages or loans. This limitation was due to the accounting guidance SAB 121 from the U.S. Securities and Exchange Commission (SEC), which required publicly traded companies to disclose cryptocurrency assets held on behalf of clients as liabilities on their balance sheets.

This led to complex situations for banks, as capital requirements are related to the contents of the balance sheet. On January 23, the SEC officially rescinded this controversial guidance, opening the door for new integration of crypto finance.

While cryptocurrency mortgages already exist, they are specific products offered by specialized companies. These companies typically allow clients to borrow fiat currency to purchase real estate or for other purposes, locking in digital assets as collateral in exchange, often with high collateral requirements.

In this setup, if the value of the digital asset chosen as collateral declines, clients usually need to add more assets to avoid being liquidated in a margin call. With the new guidance from the FHFA, we may soon see traditional banks offering such products, or even entirely new types of cryptocurrency mortgage products.

According to a report released in late November 2024, an increasing number of low-income families are using cryptocurrency investment gains to pay off mortgages. Researchers wrote, "In low-income households in areas with high cryptocurrency exposure, borrowing growth is particularly significant."

Mauricio Di Bartolomeo, co-founder of Bitcoin mortgage company Ledn, recently told Cointelegraph that some BTC holders are using cryptocurrency mortgages to purchase real estate without selling a single satoshi. He noted that these are often high-net-worth individuals who do not meet traditional real estate financing standards.

Related: Japan proposes reclassifying cryptocurrencies to pave the way for ETFs and lower taxes

Original article: “U.S. Housing Agency May Allow Crypto Assets for Mortgage Qualification”

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