Better, Coinbase fund Fannie Mae-backed bitcoin mortgage

Better Home & Finance Holding Co. and Coinbase have funded what the companies say is the first Fannie Mae-backed mortgage in the U.S. that uses bitcoin as collateral, marking a new step in the integration of Under the arrangement, borrowers can use their crypto holdings as collateral while retaining ownership of the assets, avoiding the need to liquidate investments that could trigger The launch comes as housing affordability remains a challenge for many prospective buyers. Better said that 41% of its preapproved customers meet income and credit requirements but lack sufficient cash for a conventional Better founder and CEO Coinbase is providing custody and infrastructure services for the program. The cryptocurrency exchange said the offering gives digital asset holders another way to use their investments without selling them.

“At Coinbase, we believe that Bitcoin should do more than sit in a wallet. It should work for the people who hold it,” said Mark Troianovski, head of consumer and platform partnerships at Coinbase.

“Funding the first token-backed conforming mortgage is one of the most tangible demonstrations of that vision that we have seen. Tens of millions of Americans have built real wealth in digital assets. That wealth now has a direct path to homeownership, creating new opportunities for the next generation of homebuyers.”

This article was written by Sarah Wolak and generated with the assistance of HousingWire Automation, then reviewed by a HousingWire editor before publication.