San Francisco Chronicle - (Sunday)
Converting crypto to cash helps secure mortgage
Loan officer:
Scott Baer, California Mortgage Advisors.
Single-family residence in Pacifica.
$1.25 million.
Property type:
Appraised value:
Loan type:
30-year fixedrate.
Loan amount: Rate: APR: Backstory:
2.625 %. 2.7%.
$822,000.
Our client had been looking for a starter home in the Bay Area for the past few years. They had struggled with how to come up with a down payment, as the majority of their savings were in the form of cryptocurrency.
There are thousands of different types of cryptocurrency, which is an anonymous, alternative, electronic currency (for example, Bitcoin or Dogecoin). While cryptocurrency is increasingly common, traditional banks still shy away from it due to its anonymity and lack of government oversight.
I was able to work with this client to convert the cryptocurrency to a cash deposit, which was then “Seasoned” and able to be used as a down payment. Basically, “Seasoned” funds are funds that have been in a verified account for 60 days.
“Seasoning” funds is easy.
You just get your money together, stick it in a bank account, and wait 60 days before you apply for a loan.
I secured a 30-year fixed loan for the client, which funded within 21 days of the full application and ratified purchase agreement.
Many traditional lenders do not understand how to work with cryptocurrency and will not allow it to be used as a down payment on a mortgage loan.
Potential buyers who wish to use cryptocurrency as a down payment are advised to plan ahead and work with a mortgage advisor who is experienced in this area.
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