Grave digging this old thread since a lot has changed over the past couple of years.  Bitcoin can now be used as assets for down payment or reserves as long as it is converted into USD.   Up until pretty recently, you would have had to sell the bitcoin (or other crypto), and then let the funds sit there in your bank account for at least 60 days before it could be used in correlation with a home loan.   

The USD does not have to be seasoned as long as the owner of crypto account (i.e. Coinbase, etc) can be verified.

I have gotten a lot of questions on this, so I thought I would just provide a brief update.