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Milo Mortgage Review 2026: Buy a House Using Your BitcoinMilo Mortgage review 2026: Bitcoin-backed home loans without selling BTC. No income verification, higher rates, liquidation risk explained. Is it right for HODLers?
The Bitcoin Holder's Home Buying Problem
You've been stacking sats for years. Your bitcoin is worth more than most people's 401(k)s. But when you sit down to apply for a mortgage, the bank stares at your tax return — which shows minimal W-2 income — and says no.
This is the "bitcoin rich, income poor" trap. Traditional mortgage underwriting was designed for salaried employees with steady paychecks, not HODLers who live off capital appreciation.
The good news: a growing number of lenders have figured out how to work with bitcoin wealth. Some will count crypto assets as income. Others will let you use BTC as collateral without selling it. A few will even let you make mortgage payments directly in bitcoin.
Here's how bitcoin mortgages work and which lenders are actually worth your time.
How Bitcoin Mortgages Work
There are three distinct approaches lenders use:
1. Crypto Asset Depletion
The lender counts your bitcoin holdings as a virtual income stream. They take your total crypto balance, subtract a haircut (typically 30–50%), divide the remainder by the loan term (360 months for a 30-year mortgage), and add that to your qualifying income.
Example: $1M in BTC × 70% = $700,000 ÷ 360 = $1,944/month added to qualifying income. This is how most mainstream lenders work with crypto today.
2. Bitcoin-Collateralized Mortgage
Your bitcoin stays untouched. Instead, you pledge it as collateral against the mortgage. The lender takes a security interest in your BTC (held in custody), and you make regular mortgage payments from other income. If you default, the lender can liquidate the collateral. Your BTC stacks during the entire loan term.
3. Crypto-to-Cash Down Payment
Some lenders will accept a down payment funded by selling crypto — as long as the proceeds can be documented and "seasoned" (held in a bank account for a short time before closing). This is the most widely available option since the crypto just becomes cash for documentation purposes.
Best Bitcoin Mortgage Lenders in 2026
1. Milo — Best Bitcoin-Collateralized Mortgage
Milo pioneered the bitcoin-backed mortgage in the US and remains the most purpose-built option. Their model: you pledge bitcoin as collateral, Milo holds it in custody, and you get a mortgage without selling a single sat.
Key details:
- No income verification required
- Loan-to-value based on BTC holdings (typically 50–60% LTV)
- BTC held in segregated custody during the loan term
- Available for US residents, including foreign nationals
Milo is the cleanest option for HODLers who have the BTC but want to avoid the taxable event of selling. The trade-off: your BTC is locked up and subject to margin calls if price drops significantly.
Who it's for: Bitcoin holders with substantial BTC who want to buy property without liquidating and without showing traditional income.
2. Ledn Bitcoin Mortgage — Best for Canadians and International Buyers
Ledn is a bitcoin-native financial company that offers bitcoin-backed mortgages primarily serving Canadian borrowers and some international markets. Their approach is similar to Milo — use your BTC as collateral and keep the stack.
Ledn is one of the few lenders operating outside the US that specifically targets the bitcoin community. They understand self-custody, understand HODLers, and price their products accordingly.
Who it's for: Canadian bitcoin holders or international buyers locked out of US-only programs.
3. Unchained Mortgages — Best for Bitcoin-First Buyers
Unchained brings their bitcoin-native custody philosophy to mortgages. Like their IRA product, Unchained's mortgage offering emphasizes keeping your BTC in collaborative multisig custody — not simply handing it to a third party.
Unchained serves buyers who want maximum bitcoin alignment: multisig custody, transparent terms, and a company that's focused solely on bitcoin (no shitcoins, no distractions).
Who it's for: Serious bitcoiners who want their mortgage lender to understand bitcoin custody as deeply as they do.
4. Quontic Bank — Best Non-QM Mortgage for Crypto Income
Quontic is a federally chartered bank that offers Non-QM (non-qualified mortgage) loans that accept crypto as income documentation. Unlike most banks that demand W-2s and 1040s, Quontic will underwrite based on crypto asset statements and portfolio history.
Quontic also accepts bitcoin payments through a pilot program — one of the few banks in the US to do so.
Who it's for: Borrowers with significant crypto wealth and non-traditional income sources (self-employed, freelancers, entrepreneurs) who need a bank-grade mortgage but can't show conventional income docs.
5. Griffin Funding — Best Crypto Asset Depletion Loans
Griffin Funding specializes in Non-QM mortgages for high-net-worth borrowers, including a formal crypto asset depletion program. They'll take your BTC and other crypto holdings, apply the depletion formula, and use the resulting figure as qualifying income.
Griffin Funding is a good option when your crypto wealth is real but your paper income is thin — the depletion model turns stored value into mortgage-qualifying income without requiring you to sell.
Who it's for: Borrowers who have the wealth but struggle with conventional income documentation. Good for early retirees, high-net-worth individuals, and anyone with substantial crypto but modest W-2 income.
6. Guaranteed Rate — Jumbo Crypto Mortgages
Guaranteed Rate is one of the largest mortgage lenders in the US and has built out a formal crypto mortgage program for jumbo loans. They accept bitcoin and other cryptocurrency as documented assets for qualification, and have experience closing large loans where crypto is a material part of the borrower's net worth.
Who it's for: Buyers of higher-value properties ($1M+) who want to work with an established national lender rather than a crypto-native startup.
7. Better Mortgage — Crypto Down Payment Program
Better Mortgage offers a program that helps buyers convert crypto to cash for down payments and closing costs with streamlined documentation. While this requires selling your BTC (unlike collateral-based products), Better simplifies the paper trail that banks require to accept crypto-sourced funds.
Who it's for: First-time buyers and move-up buyers who have crypto savings they're willing to liquidate for a home purchase but want the documentation process handled smoothly.
Bitcoin Mortgage Comparison
| Lender | Model | Sell BTC? | Key Feature |
|---|---|---|---|
| Milo | BTC collateral | No | Purpose-built, no income req |
| Ledn | BTC collateral | No | Canada + international |
| Unchained | BTC collateral | No | Multisig custody |
| Quontic | Crypto income | Partial | Non-QM, BTC payments |
| Griffin Funding | Asset depletion | No | Converts BTC to income |
| Guaranteed Rate | Asset qualification | No | Jumbo loans |
| Better Mortgage | Crypto down payment | Yes | Simplifies documentation |
Key Risks and Considerations
Margin Calls on BTC-Collateralized Mortgages
If you pledge BTC as collateral and bitcoin's price drops 50%, your lender may issue a margin call — requiring you to either add more collateral or pay down the loan. This is the single biggest risk with collateral-based mortgages.
Before signing, understand:
- What's the margin call threshold (LTV ratio that triggers it)?
- How much notice do you get?
- Can you add cash collateral instead of more BTC?
Tax Implications
Using BTC as collateral is not a taxable event — you're not selling it. However, if the lender liquidates your collateral due to default or a margin call, that is a taxable sale at the time of liquidation.
Converting BTC to cash for a down payment creates a taxable event at fair market value. Plan accordingly. See our Bitcoin Tax Guide for more detail.
Due Diligence on Custody
When pledging BTC to a mortgage lender, understand exactly where it's held. Is it segregated from the lender's own funds? What happens if the lender goes bankrupt? Unchained's multisig approach provides more protection than custodians who hold BTC in omnibus accounts.
Qualifying Tips
Document everything. Even with crypto-friendly lenders, you'll need exchange statements, wallet histories, and proof of holdings. Start gathering documentation 90 days before applying.
Don't move funds erratically. Large, unexplained transfers in and out of your crypto accounts raise underwriting flags. Keep movements clean and documented in the months before your application.
Consider a Bitcoin-backed loan as a bridge. If you need a down payment but don't want to sell BTC, a short-term BTC-backed loan can provide the cash for closing while you wait for a collateral-based mortgage to finalize.
Work with a broker who understands crypto. Many mortgage brokers have never written a crypto loan. Find someone who has — it dramatically reduces friction and delays.
Frequently Asked Questions
Can I get a mortgage on bitcoin income alone? Yes, with Non-QM lenders like Quontic and Griffin Funding that use crypto asset depletion. You'll typically need a loan-to-value ratio below 75% and at least 12–24 months of crypto asset documentation.
Does pledging BTC as collateral affect my ability to use it? Yes — collateralized BTC is locked until you pay off the mortgage or sell the property. You cannot spend, transfer, or withdraw it during the loan term. This is a real opportunity cost over a 30-year mortgage.
What happens to my BTC if I pay off the mortgage early? Collateral is released back to you when the loan is fully repaid. Check for prepayment penalties in your loan terms.
Are bitcoin mortgage lenders regulated? US-based mortgage lenders are regulated at state and federal levels regardless of whether they accept crypto. Non-QM loans fall outside Fannie Mae/Freddie Mac guidelines but lenders must still follow TILA, RESPA, and other consumer protection laws.
The Bottom Line
The mortgage market for bitcoin holders has grown significantly. You no longer have to choose between buying a home and keeping your stack.
Best starting points:
- Keep your BTC, US buyer: Milo
- Keep your BTC, Canada/international: Ledn
- Bitcoin-first philosophy: Unchained Mortgages
- Traditional bank, crypto-friendly: Quontic
- High-value property: Guaranteed Rate
Browse all bitcoin mortgage lenders in the directory.
Related reading: Bitcoin-Backed Loans 2026 · Bitcoin Tax Guide 2026 · Bitcoin Self-Custody vs Exchange Custody