Bill would let cryptocurrency count toward mortgages, aiming to help younger buyers

By Adam Wittenberg

President Donald Trump and Federal Housing Finance Agency Director Bill Pulte’s efforts to expand mortgage access are gaining momentum, with new legislation that would allow cryptocurrency assets to be considered when applying for a home loan.

The move comes just weeks after Pulte announced he was enforcing a 2018 Trump directive allowing mortgage lenders to accept either FICO credit scores or VantageScore alternatives, which include rental and utility payment histories. The change is expected to broaden mortgage eligibility.

Both steps aim to improve access to homeownership, with the cryptocurrency bill targeting younger Americans who are more likely to use digital currencies to build wealth outside traditional financial systems.

“Homeownership for Americans under 35 reached historic lows, but simultaneously, this demographic has embraced digital assets as their primary wealth-building strategy,” said Sen. Cynthia Lummis, R-Wyoming, who introduced the 21st Century Mortgage Act on Tuesday. “This legislation codifies Director Pulte’s directive to consider cryptocurrency as an asset for single-family loans.”

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Read Full Article Here…(readlion.com)

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