Wednesday, November 3rd, 2021 – Buying your home with Crypto Assets
“Can you use your Bitcoin for down payment or for reserves?” Debbie answers this question by saying, “Yes, maybe.” Sourcing the funds is the hardest piece for Crypto, not the asset itself. Mortgage loans require a paper trail and that’s where things get difficult. Debbie mentions how it’s hard to show a transaction history, when the money sits in a virtual “wallet.”
Debbie and Heather discuss Robin Hood accounts and how those accounts have the capability of showing sourced assets if used properly. They go on to talk about Coinbase, Webull, BlockFi, Gemini and how to use those money exchanges efficiently to make a concise paper trail.
Debbie proclaims that Crypto will not be going away anytime soon, and that it will indeed get bigger and bigger. Debbie believes that Crypto will be the “way of the future” very soon. This brings her into the subject of Jumbo Loans and how those specific loans do not work with Crypto quite yet. Debbie’s solution for this is to get that Crypto money into an actual bank account so that money can “season.” Debbie and Heather go into details on how that all works.
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Debbie Marcoux is licensed by the Department of Financial Institutions under the California Residential Mortgage Lending Act, NMLS ID 237926, also licensed in AZ-0941504, FL-LO76508, GA-69178, ID-167867, ID – MLO 2080237926, IL-031.0058339, NV-57237, OR, TN-184373, TX, WA-MLO-237926