Better Mortgage and Coinbase announced on August 26 that their token‑backed conforming mortgage product was made generally available, allowing homebuyers to obtain a down‑payment loan secured by pledged Bitcoin. The product uses two loans: a primary mortgage that conforms to Fannie Mae guidelines and a secondary loan that provides the down‑payment cash, which is secured by the Bitcoin and a second lien on the property, according to the published terms. Better said the Bitcoin advance rate is 40%, meaning $250,000 of Bitcoin can support a $100,000 down‑payment loan, and the rate may be adjusted without notice. Bitcoin is transferred to a custodial account on Coinbase Prime, and the borrower may not sell, transfer, re‑pledge, or otherwise encumber the Bitcoin without prior written consent during the pledge period, the terms state. The borrower retains economic exposure to the Bitcoin but gives up normal control and liquidity, Coinbase said. Payment default, not price fluctuations, drives liquidation. Better said delinquency begins the day after a missed payment and the borrower has 30 days to bring the account current; if the loan remains delinquent for 60 days, Better may liquidate the pledged Bitcoin, according to the loan documents. Applicants must have a verified Coinbase account, satisfy Better’s underwriting and conforming‑loan requirements, and purchase in an eligible jurisdiction, the terms indicate. A minimum FICO score of 680 is required, and the program may be limited to select states, though a specific list has not been published. Risks include the possibility of a forced sale of the Bitcoin, which could eliminate future upside and create a taxable event, and the additional secured claim created by the second lien on the property, Better said. The product’s terms are subject to change, and availability may vary by state, leaving borrowers to assess the implications of using Bitcoin as collateral for a mortgage down payment.