Coinbase and Better Mortgage have opened applications for a bitcoin-backed home financing product, making it generally available after a waitlist phase. The structure combines a standard Fannie Mae-conforming mortgage with a down payment loan secured by bitcoin valued at 40% of market price, equivalent to a 250% collateralization ratio. Bitcoin price declines alone do not trigger margin calls, though Better may liquidate collateral after 60 days of delinquency. Coinbase One members can receive closing cost credits up to $10,000, and the waitlist had represented more than $260 million in projected loan volume.
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