Are you one of the many people who have invested in cryptocurrency? Looking for somewhere to invest those mad Bitcoin & Ethereum gains? Well, look no further! Believe it or not, you can use your cryptocurrency to purchase a home.

Now, this isn’t a one size fits all scenario. For government loans, such as FHA, VA programs, or USDA loans, you would not be able to use the cryptocurrency to purchase. You would have to do something called seasoning those funds. If you have any questions about that, please feel free to reach out at (727) 376-6900. However, you can use cryptocurrency on a conforming conventional loan! Here’s how.

Documentation is the name of the game in the mortgage industry, and that is especially true when it comes to using cryptocurrency to buy a home. First, we must prove that you bought the crypto with your money. You cannot borrow money to buy crypto and then convert those funds to purchase a home. You must own the cryptocurrency for a minimum of 60 days.

Additionally, we must prove that you own the cryptocurrency and the account in your name. We need access to the transaction history, balance, etc. Finally, you must sell the cryptocurrency for US dollars.

Once it’s converted into US dollars, the cash must be transferred into a US savings or checking account, and we need documentation of the transfer of funds. You can now use those proceeds from the sale of your cryptocurrency for the purchase of your home!

If you are interested in learning more about these changes or have any questions regarding cryptocurrency and mortgage financing, please contact Chissell Mortgage Group today at (727) 376-6900.

Visit us at https://www.chissellmg.com for more information.

NMLS ID: 327290; NMLS ID: 2062741

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