The U.S. federal housing loan regulatory agency is exploring how cryptocurrency holdings can help mortgage applicants qualify for home loans. This initiative comes in the context of a decline in mortgage applications in recent years and the ongoing housing crisis in the United States.

Bill Pulte, head of the Federal Housing Finance Agency (FHFA), stated in a June 23 announcement on the X platform that his agency will "study the application of cryptocurrency holdings in mortgage qualification determinations."

Over the past 50 years, the homeownership rate in the U.S. has remained relatively stable, with about 62% of the population owning their homes. However, the number of new applicants has sharply declined in recent years.

While some small lending institutions have allowed borrowers to use cryptocurrency as collateral, research and recognition from the FHFA would represent a significant advancement in cryptocurrency adoption, especially given the continued slump in mortgage applications.

Despite limited details, Pulte's pro-crypto comments were made during a time when the U.S. housing market is facing serious challenges. The volume of mortgage issuance—the process by which lenders and borrowers collaborate to form mortgages—plummeted to near historical lows by mid-2024, with little improvement expected in the first quarter of 2025. The decline in issuance, particularly in refinancing, has been attributed to several factors. First, housing supply has not kept pace with demand. Construction progress has lagged, more homes are being purchased by investors rather than potential homeowners, and older homeowners are remaining in their homes instead of moving to retirement facilities. Additionally, borrowing costs are rising, and many attribute the sluggish issuance to interest rate hikes by the Federal Reserve aimed at combating inflation. Pulte criticized the Fed's interest rate policies and even called for Chairman Jerome Powell to resign, with Powell set to testify before Congress on June 26. Amid these headwinds, Pulte is seeking ways to make home lending more feasible.

The FHFA's formal recognition of cryptocurrency could open the door for more borrowers to access large-scale federal loan programs. In 2024 alone, the Federal Housing Administration (FHA) issued over 760,000 single-family mortgages, totaling $230 billion. Until January 23, 2025, most banks were unable to offer loans or mortgages secured by cryptocurrency due to the U.S. Securities and Exchange Commission (SEC) banking rule Staff Accounting Bulletin No. 121, which required financial institutions to account for cryptocurrency as a liability rather than an asset on their balance sheets. This rule was quickly repealed after Donald Trump took office.

Nevertheless, loans obtained through federal programs such as the FHA, the Department of Veterans Affairs (VA), and the U.S. Department of Agriculture (USDA) currently do not allow borrowers to use cryptocurrency as collateral. According to Sam Cooling, editor of 99Bitcoins, even some federal loans may not permit the use of dollars obtained from cryptocurrency sales as a down payment. Personal finance expert Andrew Lokenauth stated that those hoping to purchase homes with Bitcoin earnings need to "carefully document everything and keep records."

Bitcoin advocates have praised Pulte's open attitude toward Bitcoin (BTC), with some noting that the features preferred by lenders—such as transparent paper records—are inherently built into this digital asset. Mitchell Askew, an analyst at Bitcoin mining-as-a-service company Blockware, stated that the asset's liquidity and transparent custody, namely its public blockchain, make it "the perfect collateral" for housing loans. CJ Konstantinos, founder of Bitcoin mortgage and bond company People’s Reserve, noted that Bitcoin could further help reduce the risks in the mortgage-backed securities market overseen by the FHFA through its regulation of Fannie Mae and Freddie Mac, "which is obvious."

Currently, some lending institutions allow borrowers to provide cryptocurrency as collateral, but the number is limited. These institutions are more geared toward investor-type homebuyers and come with risks that some may find unacceptable. Milo (formerly MiloCredit) offers borrowers instant loan approvals, but they must first prove they have enough cryptocurrency to cover the entire loan value. Milo CEO Josip Rupena stated that many clients are purchasing their second homes, vacation properties, or investment properties. "Many have substantial incomes, but traditional banks will not qualify them for full loans on these homes," he said.

Another company offering Bitcoin-backed loans, Strike, noted that the current form of cryptocurrency loans carries certain risks. Volatility is a major factor. If the price of BTC drops sharply, the loan-to-value ratio will increase, "which could trigger margin calls or liquidations—being forced to sell at an inopportune time." Lenders also face risks. One commentator remarked, "This risk model would be insane. Traditional mortgages assume income and assets are relatively stable. Now you are dealing with borrowers whose net worth could fluctuate by 50% in a week. How do you stress-test a portfolio when your collateral includes everything from Bitcoin to various decentralized finance (DeFi) tokens?"

However, in the U.S., cryptocurrency ownership is becoming increasingly common, and lawmakers and regulators in Washington are accelerating the development of industry-friendly rules and legal frameworks.

Recent research shows that cryptocurrency is no longer just the domain of super-wealthy crypto enthusiasts but is increasingly viewed as a legitimate retail asset by ordinary investors. According to the National Cryptocurrency Association's "2025 Cryptocurrency Status" report, approximately 20% of Americans, or about 65 million people, now own cryptocurrency.

Their investment amounts are not high; in the U.S., about 74% of cryptocurrency portfolios are valued at less than $50,000.

If Bitcoin is added to the list of other securities allowed for down payments or as collateral, it could unlock homeownership for an increasing number of investors.

Related: South Korean bank plans to launch a won-pegged stablecoin by 2026

Original article: “U.S. Housing Mortgage Regulator Considers Bitcoin (BTC) Amid Housing Crisis”

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