Homebuyers in the US may soon be able to use cryptocurrency assets to strengthen their mortgage application, according to Bill Pulte, who oversees housing giants Fannie Mae and Freddie Mac.
“After significant studying, and in keeping with President Trump’s vision to make the United States the crypto capital of the world, today I ordered the Great Fannie Mae and Freddie Mac to prepare their businesses to count cryptocurrency as an asset for a mortgage,” said Pulte, who heads up the Federal Housing Finance Agency, in a social media post.
The policy represents a reversal for Fannie and Freddie, the two entities under government conservatorship that guarantee more than half of America’s mortgages. A few years ago, during President Joe Biden’s administration, both Fannie and Freddie issued guidance stating that a homebuyer’s income paid in cryptocurrency could not be used to qualify for a mortgage, “due to the high level of uncertainty associated with cryptocurrency.”