Better Mortgage and Coinbase announced Aug. 26 that Better's token-backed conforming mortgage had reached general availability, with applications open through Better's product page. The structure uses two loans: a standard first mortgage on the home designed to meet Fannie Mae guidelines and a separate down-payment loan secured by pledged Bitcoin and a second lien on the property. Under the published terms, Bitcoin has a 40% advance rate, meaning $250,000 of BTC supports a $100,000 down-payment loan. Better says advance rates can change without notice. Bitcoin is held in Better Mortgage's custodial account on Coinbase Prime, and borrowers cannot sell, transfer, re-pledge or otherwise encumber it without written consent. Borrowers retain economic exposure but lose normal control and liquidity. Coinbase supplies account-transfer and Prime infrastructure, while Better manages applications, underwriting, closing and servicing. Bitcoin price movements alone do not trigger margin calls or forced sales under the current public terms. Instead, missed payments trigger delinquency the following day; borrowers have 30 days to become current, and Better says it may liquidate the Bitcoin after 60 days of delinquency. A forced sale may remove future upside and create a taxable event, while the second lien gives the down-payment lender an additional secured claim on the home. The product is not available automatically to every U.S. borrower. Applicants need a verified Coinbase account, must meet Better's underwriting and conforming-loan requirements, need a minimum 680 FICO score, and must buy in an eligible jurisdiction. Better says the program may be limited to select states but has not published a state-by-state list.