What happened on 25 June 2025
FHFA Director Pulte signed a directive ordering Fannie Mae and Freddie Mac — the government-sponsored enterprises backing much of the US mortgage market — to consider cryptocurrency as a mortgage reserve asset. The headline detail: borrowers would not need to convert crypto to USD first for it to be considered in reserves.
That last point matters because, historically, crypto holders were often told to liquidate to dollars and season the funds in a bank account before lenders would count them. The directive challenged that default — at least for the reserves portion of an application.
What it means
- Reserves recognition: crypto holdings can be factored into the reserves assessment on conforming-loan thinking, rather than ignored until converted.
- No forced conversion: the directive's framing removes the blanket requirement to sell to dollars just to be counted.
- Signal to lenders: direction of travel is clear — digital assets are being treated as a legitimate part of household balance sheets.
What it doesn't mean
- Not an automatic approval: lenders still underwrite individually — credit, income, and documentation rules all still apply.
- Not the down payment: the directive concerns reserves, not the cash delivered at closing. Sellers still expect fiat.
- Not self-executing: Fannie and Freddie guidance, lender overlays, and verification standards all have to catch up.
- Not a tax change: pledging vs selling keeps its usual tax character regardless of the directive.
Status as of Sept 2026
Early and unclear: as of mid-2026 public reporting, implementation is still early and unclear — lenders decide individually. Some lenders moved faster than others; many are still working out custody, verification, and volatility-haircut questions. Always confirm with the specific lender (as of Sept 2026 — verify).
| Date | Event |
|---|---|
| 25 Jun 2025 | FHFA Director Pulte signs directive ordering Fannie Mae and Freddie Mac to consider crypto as mortgage reserve assets (no USD conversion needed). |
| Late 2025 – mid 2026 | Public reporting describes implementation as early and uneven; individual lenders set their own policies. |
| Sept 2026 | No blanket transformation to report — progress is lender-by-lender. Verify current status before relying on it. |
What to do if you're buying soon
- Ask lenders up front whether they count crypto in reserves — and under what verification and custody conditions.
- Read our full crypto mortgages 2026 guide for the lender landscape and tax warning.
- Considering bridge liquidity without selling? See borrowing against Bitcoin.
Not financial advice. Policy implementation changes over time. Verify current guidance with lenders and official FHFA communications.