Hey guys...I am in the mortgage banking industry. I am currently working on a deal to incorporate bitcoin into the down payment funds for a new purchase home loan.
I haven't seen this done before. Have any of you? I have seen homes sell for 100% bitcoin, but that is the same as purchasing a home with cash.
We are in contact with Fannie Mae, and it looks like it can be done as long as the bitcoins are first converted into US dollars and then deposited into a US bank account. If you know banking guidelines, then you know that most money has to be seasoned for 60 days before it can be used for down payment funds. We may be able to get around this if you can clearly be able to source the ownership of the bitcoins and clearly document the sale of the bitcoins along with the deposit into your bank account (like with a coinbase transaction history).
Do any of you have experience with this, or would you like to hear how it works out?
You are talking about mortgages and you say you are in the mortgage banking business. You should know it better than us. It won't work. Because not a single bank in the world would accept a highly volatile asset as mortgage payments. We are talking about 10 to 30 years at least. If bitcoin becomes too valuable, the dude who owes money won't afford to buy them probably goes bust. If bitcoin loses value, bank gets fucked.
Nope. Won't work.