Crypto

What does Pulte’s FHFA crypto mortgage signal actually mean for American homebuyers, and could it rewrite lending norms for those who store wealth in Bitcoin and stablecoins?

Mortgage, Pulte, and FHFA enter the crypto conversation

In a recent announcement, Federal Housing Finance Agency Director Bill Pulte has publicly stated that the agency will “study the usage of cryptocurrency holdings as it relates to qualifying for mortgages.” 

The announcement, posted on X on Jun. 24, introduces the possibility that Bitcoin (BTC) and other digital assets could soon factor into U.S. home loan evaluations.

We will study the usage pf cryptocurrency holdings as it relates to qualifying for mortgages.

— Pulte (@pulte) June 24, 2025

The idea comes at a time when housing access remains strained. As of mid-2025, the average rate for a 30-year fixed mortgage is just under 7%, the highest level since the mid-2000s. 

30-year fixed mortgage rate chart | Source: FRED

In May, the median price for an existing home reached $422,800, a record high for the month. Existing home sales have also slowed sharply, with May 2025 marking the weakest pace for that month since 2009.

Meanwhile, the affordability squeeze is especially pronounced for first-time buyers. According to the National Association of Realtors, only 30% of home purchases are currently being made by first-time buyers, well below the 40% share considered typical for a balanced market. 

Rising monthly payments and strict lending criteria have made access difficult for younger buyers and self-employed individuals, particularly those with irregular income but sizable assets.

The FHFA is now examining whether crypto holdings could be considered similar to savings, investment portfolios, or other assets during mortgage evaluations. 

Under such a framework, for example, a person holding $200,000 worth of Bitcoin or Ethereum (ETH), but lacking a traditional salary, might still qualify for a loan based on their overall net worth.

At present, most mortgage lenders exclude crypto from financial assessments, citing concerns over price volatility, limited regulatory clarity, and the challenges of verifying digital asset ownership. 

Even high net-worth applicants holding substantial crypto assets are often treated as lacking adequate financial stability under current standards.

The FHFA’s announcement does not indicate a finalized policy or regulatory timeline. The review remains in its early stages, and many operational and legal questions will need to be addressed before any change is implemented.

Freddie Mac compliance drives lender finance models

The FHFA plays a quiet but central role in shaping how Americans access home loans. It oversees Fannie Mae and Freddie Mac, the two government-sponsored entities that guarantee the majority of mortgage loans in the United States.

It also regulates the Federal Home Loan Bank system, a network of regional banks that provide liquidity to housing and community development lenders. According to the agency’s data, these institutions collectively support over $8.5 trillion in U.S. home financing.

Any change in policy issued by the FHFA carries broad market consequences. Updates to guidelines on credit scores, down payments, or eligible asset classes often influence how banks and lenders structure their loan products. 

Most lending institutions follow FHFA standards to ensure that their mortgages remain eligible for resale to Fannie or Freddie, which helps manage long-term risk exposure.

The agency was established in 2008, following the housing market collapse, with a mandate to strengthen oversight and preserve the safety and liquidity of the mortgage finance system. 

Within that framework, even a preliminary inquiry into counting crypto assets toward mortgage qualifications carries real weight.

The agency’s current direction is closely tied to the background of its director, Bill Pulte. 

Appointed in March 2025 during President Trump’s second term, Pulte took office after a lengthy confirmation process. He is the grandson of William Pulte, founder of Pulte Homes, one of the largest homebuilders in the country.

Before entering public service, Pulte led Pulte Capital, a private investment firm. He also gained a public following through philanthropic giveaways on X, where he became known as the “Twitter Philanthropist.”

Unlike his predecessors, Pulte has direct involvement in the crypto space. Financial disclosures show personal holdings of $500,000 to $1 million in Bitcoin, along with a similar-sized position in Solana (SOL). 

He also holds equity in Marathon Digital Holdings, a U.S.-based Bitcoin mining company, and has previously invested in speculative stocks such as GameStop.

His profile stands out in a field typically characterized by conservative financial backgrounds. Pulte has publicly supported crypto since 2019, using his social media presence to promote adoption and encourage policy openness toward digital assets.

While the FHFA’s review of crypto in mortgage underwriting is still early and exploratory, its very consideration reflects a shift in both the asset class’s relevance and the leadership’s priorities.

How crypto might be evaluated

Pulte’s announcement has raised fresh questions about how crypto holdings might eventually be evaluated under mortgage lending standards. 

Currently, borrowers who want to use digital assets in the mortgage process must first convert them into U.S. dollars and deposit the funds into a regulated American bank account. 

To meet eligibility for down payments or reserves under Fannie Mae and Freddie Mac guidelines, those funds must also be seasoned, meaning they must remain in the account for at least 60 days.

The FHFA’s review is expected to examine whether these requirements can or should be updated.

One likely area of focus is asset valuation. Due to the volatility of crypto assets like Bitcoin and Ethereum, lenders may hesitate to accept their full market value when assessing borrower assets. 

A common method in traditional finance is to apply a haircut — a discount from the stated value — to account for potential price swings. Whether similar adjustments would be adopted for crypto remains uncertain.

Holding history may also come under review. Lenders often view long-held assets more favorably than short-term holdings. Assets with clear documentation, consistent custody, and minimal trading activity may carry more weight than those recently acquired or frequently moved. 

Stablecoins present a separate set of considerations. Tokens such as USD Coin (USDC) and Tether (USDT) are designed to maintain a consistent value relative to the U.S. dollar, which may make them more suitable for underwriting purposes. 

Even so, treatment of stablecoins would depend on regulatory comfort with their structure, custody arrangements, and transparency standards.

For now, mortgage advisors commonly recommend that crypto holders convert their assets to dollars well in advance of applying for a loan, giving lenders time to verify the source of funds and ensuring the assets meet seasoning requirements.

Any future update is likely to preserve strict documentation standards. Borrowers would still need to show a complete audit trail, including wallet ownership, transaction history, and evidence that the funds are not tied to loans or suspicious activity. 

Verification of custody, clarity of origin, and compliance with anti-money laundering rules are also expected to remain central to any policy changes under consideration.

Gains in private finance suggest real demand for Bitcoin integration

While federal regulators are just beginning to explore the idea of integrating crypto into mortgage lending, several private fintech firms have already launched experimental models. 

Milo Credit, a Florida-based lender, introduced one of the first crypto mortgage products in the U.S. in 2022. 

Its structure departs from the traditional approach. Rather than requiring borrowers to sell crypto and make a cash down payment, Milo allows buyers to pledge digital assets, such as Bitcoin, Ethereum, or certain stablecoins, as collateral. 

The setup enables clients to finance up to 100% of the home’s value without liquidating their crypto holdings. 

Similarly, Figure Technologies, a San Francisco fintech company led by former SoFi CEO Mike Cagney, has explored large-scale crypto-backed mortgage programs, offering loans as high as $20 million using digital assets as security.

According to Milo, clients continue to retain ownership of their pledged crypto, which means they can benefit if asset values rise during the mortgage term. 

Another advantage is tax-related: selling large crypto positions to cover a down payment would typically trigger capital gains taxes. By pledging rather than selling, borrowers avoid those immediate tax events. 

As of early-2025, Milo reported over $65 million in crypto-collateralized home loans issued.

However, these private offerings function outside the federal mortgage system. Their loans are not eligible for resale to Fannie Mae or Freddie Mac, meaning they cannot benefit from the same level of liquidity and risk-sharing that conventional loans do. 

As a result, interest rates tend to be higher, and lenders often retain the loans in-house or work with alternative investors to fund them. These limitations place a ceiling on how widely such products can scale.

Another constraint is risk. Crypto-backed mortgages usually require over-collateralization — meaning borrowers must pledge more in crypto value than the loan amount to offset volatility. 

But even with that buffer, price swings can present challenges. A drop of 15% in asset value between approval and closing is enough to disrupt a loan. And historically, crypto drawdowns have been far steeper. 

If the FHFA chooses to move forward, it could bring more consistency and structure to the space. Private models have shown that crypto can be integrated into housing finance, but only with careful safeguards and a full understanding of its tradeoffs.

Whether the outcome is adoption, rejection, or something in between, the process will influence how crypto is viewed not just in capital markets, but in everyday financial life.

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