Digital Currency Down Payment On Home Likely A First In Seattle

Bitcoin and other cryptocurrencies are becoming more mainstream. Though adoption remains slow in commercial real estate, a residential property buy in Seattle marks how virtual currencies are starting to spill over into real property.

A three-bedroom home in Tukwila sold for $415K, with a combination of bitcoin cash and other cryptocurrenties used for the 10% down payment for the conventional mortgage. The purchase is believed to be a first in the Seattle area and stands out because the digital currency was used to secure a loan as opposed to a cash-only sale, according to The Seattle Times.

The digital funds were converted into regular currency before the close of the sale. The purchaser, Cary Kuo, had accumulated the down payment through trades of cryptocurrencies. The mortgage lender and Fannie Mae determined they would approve the loan based on the currency as long as there was a proper paper trail and Kuo also met the other income and debt-to-income requirements for the loan.

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