What does Pulte’s FHFA Crypto mortgage signal actually mean to American home buyers? Also, can we rewrite the lending standards for those who accumulate wealth in Bitcoin and Stubcoin?
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Mortgages, Pulte, and FHFA join in the encryption conversation
In a recent announcement, Bill Prute, director of federal housing finance institutions, publicly states that the agency will “study the use of cryptocurrency holdings related to mortgage eligibility.”
An announcement published on X on June 24th introduces the possibility that Bitcoin (BTC) and other digital assets will soon consider US mortgage valuations.
Investigate usage PF Cryptocurrency Holdings related to mortgage eligibility.
-Counts (@pulte) June 24, 2025
This idea comes when access to the home remains tense. As of mid-2025, the average 30-year fixed mortgage rate was just under 7%, the highest since the mid-2000s.
30 Year Fixed Mortgage Fee Chart | Source: Fred
In May, the median price for existing homes reached $422,800. Existing home sales have also slowed sharply, with May 2025 showing its weakest pace of the month since 2009.
Meanwhile, narrowing down affordable prices is especially pronounced for first-time buyers. According to the National Association of Realtors, only 30% of first-time buyers are currently buying from home, well below the 40% stake, which is considered typical in a balanced market.
The rise in monthly payments and strict lending standards have made access difficult for younger buyers and self-employed people, especially for individuals with irregular income but substantial assets.
FHFA is currently looking into whether Crypto Holdings can be considered similar to savings, investment portfolios, or other assets during mortgage assessments.
For example, under such a framework, you may be holding $200,000 worth of Bitcoin or Ethereum (ETH) but without a traditional salary, but may be eligible for a loan based on your overall net worth.
Currently, most mortgage lenders exclude crypto from their financial valuations, citing concerns over price fluctuations, limited regulatory clarity, and the challenges of verifying ownership of digital assets.
Even high net well applicants who hold significant crypto assets are treated as lacking adequate financial stability by current standards.
The FHFA announcement does not represent a final policy or regulatory timeline. Reviews are in the early stages and many operational and legal questions must be addressed before changes are implemented.
Freddie Mac Compliance Drives lenders’ Financial Models
FHFA plays a quiet and central role in shaping the way Americans access mortgages. It oversees two government-sponsored entities, Fannie Mae and Freddie Mac, which guarantee the majority of US mortgages.
It also regulates the Federal Mortgage Banking System, a network of regional banks that provide liquidity to housing and community development lenders. According to agency data, these agencies collectively support more than $8.5 trillion in U.S. housing financing.
Changes to policies issued by FHFA will result in a wide range of market results. Credit scores, lower payments, or updating guidelines for eligible asset classes often affect how banks and lenders form their loan products.
Most lending agencies will ensure that their mortgage is eligible for resale to Fannie or Freddie in accordance with FHFA standards.
The agency was established in 2008 following the collapse of the housing market and was obliged to strengthen surveillance and maintain the safety and liquidity of its mortgage finance system.
Within that framework, even a preliminary survey on counting crypto assets for mortgage eligibility really weighs.
The agency’s current instructions are closely tied to the background of Director Bill Prute.
Pulte, appointed in March 2025 during President Trump’s second term, took office after a lengthy confirmation process. He is the grandson of William Pulte, founder of Pulte Homes, one of the nation’s largest home builders.
Before entering public services, Pulte led the private investment company Pulte Capital. He was also published through X’s charitable giveaway and became known as “Twitter Phannthopist.”
Unlike his predecessor, Pulte is directly involved in the crypto space. Financial disclosures show personal holdings of $500,000 to $1 million in Bitcoin, along with similar sized positions in Solana (SOL).
He also retains the fairness of Marathon Digital Holdings, a US-based Bitcoin mining company, and previously invests in speculative stocks such as GameStop.
His profile stands out in areas that are usually characterized by a conservative financial background. Pulte has publicly supported Crypto since 2019, using the presence of social media to promote adoption and the openness of policy towards digital assets.
Crypto’s FHFA review in mortgage underwriting is still early and exploratory, but its considerations reflect changes in both asset class relevance and leadership priorities.
How to evaluate ciphers
Pulte’s announcement raised new questions about how Crypto Holdings will ultimately be evaluated under mortgage lending standards.
Currently, borrowers who want to use digital assets in the mortgage process must first convert them into US dollars and deposit the funds into a regulated US bank account.
These funds must also be seasoned to meet your down payment or reserve eligibility, based on Fannie Mae and Freddie Mac guidelines. This means you must stay on your account for at least 60 days.
FHFA reviews are expected to look into whether these requirements can be updated or not.
One area of potential focus is asset valuation. The volatility of crypto assets such as Bitcoin and Ethereum allows lenders to accept full market value when valuing borrower assets.
A common method of traditional finance is to apply haircuts (a discount from the specified value) taking into account potential price fluctuations. It remains uncertain whether similar adjustments will be adopted for cryptography.
Keeping history may also be reviewed. Lenders often view long-term assets more favorably than short-term holdings. Assets with clear documentation, consistent custody, and minimal trading activity may be heavier than those recently acquired or frequently moved.
Stablecoins present individual considerations. Tokens such as USD Coin (USDC) and Tether (USDT) are designed to maintain a consistent value compared to US dollars, and may be more suitable for underwriting purposes.
Still, the treatment of stubcoins depends on their structure, custody arrangements and the comfort of regulation by transparency standards.
At this time, mortgage advisors generally recommend that Crypto holders convert assets into dollars well before applying for a loan, giving lenders time to check funding sources and ensure that assets meet seasoning requirements.
Future updates may maintain strict document standards. Borrowers should provide a complete audit trail, including wallet ownership, transaction history, and evidence that funds are not linked to loans or suspicious activities.
Validation of custody, clarity of origin, and compliance with anti-money laundering rules is also expected to remain central to changes in policy under consideration.
Private finance benefits suggest true demand for Bitcoin integration
Federal regulators are just beginning to explore the idea of integrating crypto into mortgage lending, but several private fintech companies have already launched experimental models.
Florida-based lender Milo Credit introduced one of the first Crypto mortgage products in the United States in 2022.
Its structure separates from traditional approaches. Rather than requiring borrowers to make cash down payments by selling crypto, MILO allows buyers to pledge digital assets such as Bitcoin, Ethereum, or certain stubcoin as collateral.
This setup allows clients to fund up to 100% of the value of their home without liquidating their crypto-holdings.
Similarly, Figure Technologies, San Francisco Fintech Company, led by former SOFI CEO Mike Cagney, offers $20 million loans using digital assets as security.
According to MILO, the client continues to retain ownership of the pledged cryptography. This means you can earn money if your assets increase during the mortgage period.
Another advantage is tax-related. Selling large crypto positions to cover down payments usually results in a capital gains tax. Borrowers avoid those immediate tax events by pledging rather than selling.
As of early 2025, MILO reported that it was issued with a cryptographically functionalized mortgage of over $65 million.
However, these private services work outside of the federal mortgage system. Their loans do not qualify for a resale of Fannie Mae or Freddie Mac. This means you won’t be able to benefit from the same level of liquidity and risk sharing as traditional loans.
As a result, interest rates tend to be higher, and lenders often hold loans internally and work with alternative investors to fund them. These limits place a cap on how widely such products can be scaled down.
Another constraint is risk. Crypto-assisted mortgages usually require excessive collateral. This means that borrowers have a higher value in crypto values than the loan amount to offset volatility.
But even with that buffer, price fluctuations can present challenges. A 15% reduction in property value between approval and closure is sufficient to disrupt the loan. And historically, the code drawdown has been much more steep.
If FHFA chooses to move forward, it could provide more consistency and structure in the space. The private model shows that crypto can be integrated into housing finance, but only provides a thorough understanding of careful safeguards and their trade-offs.
Whether the outcome is adoption, rejection, or something in between, this process affects how crypto is seen not only in capital markets but in everyday financial life.