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Coinbase One expands access to Better token-backed mortgages
The lender credit is 1% of the mortgage value, capped at $10,000, and applies to standard mortgages, HELOCs, and refinances.
Coinbase and Better Mortgage have expanded their token-backed conforming mortgage program, making it generally available to Coinbase One members. The Block reports the updated access began for Coinbase One members on Aug. 12, building on the companies initial announcement in March.
The program lets eligible borrowers pledge crypto as collateral in the homeownership process, with the first lien structured as a standard conforming mortgage under Fannie Mae guidelines. According to The Block, Better said 41% of its pre-approved customers qualify based on income and credit but lack sufficient cash for a traditional down payment.
Under the expanded offer, Coinbase One members who are approved for eligible Better home-financing products receive a lender credit equal to 1% of the mortgage value, capped at $10,000. The credit applies to standard mortgages, home equity lines of credit, and refinances, and is applied to closing costs as reflected on the borrower closing disclosure.
The companies also tied the launch to early demand from a waitlist that opened in June. The Block says the waitlist represented more than $260 million in projected loan volume, and that 76% of respondents were already Coinbase One users, with 60% saying they planned to buy a home within six months.