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What is required to use virtual currency?

Virtual Currency

Virtual currency that has been exchanged into U.S. dollars is acceptable for the down payment, closing costs, and financial reserves provided the following requirements are met: 

  • there is documented evidence that the virtual currency has been exchanged into U.S. dollars and is held in a U.S. or state regulated financial institution, and 
  • the funds are verified in U.S. dollars prior to the loan closing.

A large deposit may be from virtual currency that was exchanged into U.S. dollars. The lender must obtain sufficient documentation to verify the funds originated from the borrower’s virtual currency account. 

Virtual currency may not be used for the deposit on the sales contract (earnest money) for the purchase of the subject property.

For additional information, see B3-4.1-04, Virtual Currency

Note:
Ask Poli is an Artificial Intelligence powered search tool. While every effort has been made to ensure the reliability of the content in Ask Poli, Fannie Mae's Selling Guide and its updates, including Guide Announcements and Release Notes, are the official statements of Fannie Mae's policies and procedures, and should be complied with in the event of discrepancies between information provided by this service and the Guides.
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