In the early 2000s, “no-doc” or “low-doc” loans allowed people to get mortgages in the US without verifying income or assets, but they were widely abused. Now, lenders require verification of income, assets, debt, and employment.

The FHFA announced Fannie Mae and Freddie Mac will consider crypto assets in mortgage applications, redefining who qualifies for the American Dream.

Crypto holders may no longer need liquid assets to qualify for a mortgage, with 12% of homebuyers planning to use crypto for down payments by 2024.

Critics worry recognizing volatile assets like Bitcoin in mortgage qualification introduces risk, but crypto enthusiasts point out that transparency and smart contracts set crypto apart from traditional finance.

The new blueprint for the American Dream includes ownership of physical and digital assets, creditworthiness reflecting onchain transparency, and an evolving housing market that embraces crypto as a catalyst for reinvention.

Read more at Cointelegraph: Crypto Isn’t Crashing The American Dream