US mortgage lender Rate has launched a nationwide program called RateFi, enabling qualified borrowers to use verified cryptocurrency holdings to meet underwriting requirements without selling their digital assets. The program operates within the lender's non-qualified mortgage (non-QM) framework and allows applicants to count verified crypto assets as qualifying reserves and, in some cases, as an income source.
RateFi is designed to work with a curated set of established, high-liquidity large-cap cryptocurrencies and major US dollar-backed stablecoins, though the specific assets were not disclosed. Eligible crypto must be held with approved custodians or on centralized exchanges, with borrowers required to provide proof of ownership and asset seasoning, typically through monthly statements.
The launch addresses a significant gap in the market, as most conventional mortgage programs do not recognize cryptocurrency as valid collateral unless it is first converted to cash. Liquidating assets for a traditional mortgage often triggers taxable events, limiting borrowers to less flexible pledged-asset loan structures.
Rate's Chief Product Officer, Amor, highlighted that housing affordability pressures, particularly for younger generations, are a key driver. "Younger generations are entering their peak homebuying years at a time when traditional paths to ownership are increasingly out of reach," she said. "Yet they're also the most active participants in the digital asset economy." She emphasized the program is about modernizing access to homeownership, not promoting crypto for its own sake.
The program applies standard anti-money laundering (AML) and know-your-customer (KYC) verification and is available through Rate's existing digital mortgage platform. Notably, down payments and closing costs must still be paid in cash, meaning crypto cannot be used for those initial expenses.
This development occurs alongside growing regulatory and legislative interest. In June 2025, the Federal Housing Finance Agency (FHFA) directed government-sponsored entities Fannie Mae and Freddie Mac to study rules for treating cryptocurrency as a reserve asset. Subsequently, in July, Senator Cynthia Lummis introduced the 21st Century Mortgage Act to codify this directive into law.
The move by Rate enters a niche but existing market for crypto-backed real estate financing, where companies like Nexo and Ledn already offer loans backed by digital assets.
