The
Federal Housing Finance Agency is looking to make cryptocurrency a legitimate reserve asset in mortgage risk assessments. The director of FHFA has signed an order that would help borrowers get home loans without converting their assets into fiat currencies. This is good news for crypto holders planning to buy a house because without having to convert their assets, they would be avoiding an additional capital gains tax. This would also help first time homebuyers with not much funds but have enough assets held in crypto. A list of qualified cryptocurrencies is yet to be released but we should expect bitcoin to be included.
If you were a homebuyer, would you wish to buy
with your bitcoin?
You don't seem to have understood very well what you have written, that last question gives it away. The fact that the bank takes into account what you have in cryptocurrencies in the risk assessment does not mean that you have to buy the house with them.
Which means someone that needs a mortgage loan can use crypto as a collateral? But why mention crypto when those shit coins can not serve such purpose because of their high volatility and the fact that they are not getting to all time high. Only bitcoin is suitable for this because it is the only coin that can be called store of value.
Neither. They are talking about including cryptocurrencies in the risk assessment.
In other words, before, if you had $100,000 in money in the bank, a debt of $50,000 and a million in bitcoin, you were only counted as having a net worth of $50,000. Now you will be counted as having net worth of $1,050,000. In most cases you will not have to use bitcoin as collateral, because when you buy a house with a mortgage the collateral is the house itself. Unless you are seen as risky, and then you may be asked for someone to guarantee you or to contribute assets, which could be cryptocurrencies or others.