Crypto owners can now use their digital assets as collateral for their down payments to buy a home. That’s because Fannie Mae is accepting crypto-backed mortgages for the first time through a partnership between mortgage company Better Home & Finance and crypto exchange Coinbase, according to a Thursday statement.
The move aims to make home ownership more accessible to a younger demographic, who are more likely to own crypto. “Token-backed mortgages are a major first step to unlocking homeownership for the younger generations that have struggled with barriers to saving for a traditional down payment,” said Max Branzburg, head of consumer and business products at Coinbase, in the statement.
