mortgage
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?
You own Bitcoin. You want to buy a house. You don't want to sell your Bitcoin and trigger a capital gains event.
Three lenders dominate the US Bitcoin mortgage market: Milo, Ledn, and Unchained. They each take a different approach — crypto-native mortgages, Bitcoin-backed international loans, and collateral-secured US mortgages. Here's exactly how they compare.
Quick Comparison
| Milo | Ledn | Unchained | |
|---|---|---|---|
| Product type | Crypto mortgage | Bitcoin-backed mortgage | Bitcoin-collateral mortgage |
| LTV | Up to 100% (no down payment) | Up to 50% | Up to 50% |
| Rate | ~7-9% + margin | ~12-14% APR | ~8-12% |
| Term | 30-year | 1-3 year bridge | 1-3 year |
| Collateral | Crypto held by Milo | Bitcoin held by Ledn | 2-of-3 multisig |
| US residents | Yes | No (international focus) | Yes |
| Income verification | Minimal (crypto-native underwriting) | Crypto-backed, no income check | Bitcoin collateral, no income check |
| Property location | US | International + US | US |
Milo Bitcoin Mortgage: The No-Down-Payment Option
Milo pioneered the "crypto mortgage" — a 30-year home loan where your crypto serves as both down payment and collateral, allowing you to buy a home without selling your Bitcoin.
How it works:
- Deposit Bitcoin (or other crypto) with Milo as collateral
- Get a 30-year mortgage up to 100% LTV — no traditional down payment required
- Milo holds your crypto; you keep the property
- If crypto value drops, you may need to add collateral or Milo may sell some to maintain ratios
Rates: 7-9% base, with additional margin depending on your crypto-to-loan ratio. Expect total costs of 8-11% effective APR in current conditions.
The appeal: No capital gains from selling Bitcoin for down payment. Keep full Bitcoin exposure while owning property. No W-2 income verification (Milo uses crypto as primary underwriting factor).
The risk: If Bitcoin crashes 50%, your collateral value may fall below minimum thresholds — triggering a margin call or forced liquidation. In a Bitcoin bear market, you could lose both housing stability and crypto position simultaneously.
Who it's for: Bitcoin holders in the US who want 30-year financing on primary residence or investment property without selling crypto. Best when Bitcoin price is stable or rising.
Milo Pros and Cons
Pros:
- 30-year term (real long-term mortgage, not a bridge loan)
- Up to 100% LTV — effectively no down payment
- No traditional income verification
- Established company with track record
- US-based lender with proper mortgage licensing
Cons:
- Fully custodial — Milo holds your Bitcoin
- Margin call risk in Bitcoin bear markets
- Higher rates than traditional mortgages (7-11% vs 6-7%)
- Limited geographic availability
- Your Bitcoin can be sold if you can't meet margin calls
Ledn Bitcoin Mortgage: International Borrowers
Ledn offers Bitcoin-backed mortgages primarily for international clients — Canadians, Europeans, and Latin Americans who want to buy property in the US or their home country using Bitcoin as collateral.
How it works:
- Deposit Bitcoin with Ledn (50% LTV — deposit $200K BTC to borrow $100K)
- Receive USD or local currency
- Use funds for mortgage down payment or outright property purchase
- Repay over 1-3 year term with interest
Rates: 12-14% APR — higher than Milo due to the structure (this is a loan, not a 30-year mortgage product).
Use case: You have $200,000 in Bitcoin and want to buy a $150,000 property internationally. Deposit Bitcoin, borrow $100,000, combine with $50,000 cash — complete the purchase without selling Bitcoin.
Proof of Reserves: Ledn publishes third-party Proof of Reserves (Armanino), providing more transparency than most lenders.
Who it's for: International clients or those who need flexibility in where they're buying. Also useful for US buyers who need a short-term bridge loan to purchase property before arranging conventional financing.
Ledn Pros and Cons
Pros:
- International access (Milo and Unchained are US-only)
- Proof of Reserves transparency
- Clear, established company
- Can use for property purchases globally
Cons:
- Short terms (1-3 years) — not a true 30-year mortgage
- High rates (12-14% APR)
- 50% LTV — need 2x Bitcoin value of loan
- Custodial — Ledn holds your Bitcoin
- Must refinance or repay in 1-3 years
Unchained Bitcoin Mortgage: Collateral + Non-Custodial
Unchained offers Bitcoin-collateral mortgages with their signature 2-of-3 multisig structure — you never fully give up your keys.
How it works:
- Place Bitcoin in 2-of-3 multisig (you hold 1 key, Unchained holds 1 key, third-party holds 1 key)
- Borrow against collateral at ~50% LTV
- Use loan proceeds for down payment or property purchase
- Unchained cannot unilaterally seize your Bitcoin — requires the multisig process
Rates: 8-12% depending on loan size and term.
The custody advantage: Unlike Milo and Ledn (where the lender holds your Bitcoin outright), Unchained's multisig structure means the company cannot access your Bitcoin without going through the multisig process. You retain meaningful custody rights even while borrowing.
Who it's for: Bitcoin holders who want to leverage their BTC for real estate but refuse to give up key control. Best for large holdings ($100,000+) where custody matters most.
Unchained Pros and Cons
Pros:
- 2-of-3 multisig — you retain meaningful custody
- No rehypothecation — your Bitcoin isn't lent out
- Established, trusted company
- Large loan sizes
Cons:
- Short terms (1-3 year bridge, not 30-year)
- Higher rates than Milo for comparable terms
- Lower LTV (50%) means you need more Bitcoin
- US-focused
- Slower setup than Ledn
How to Actually Buy a House with Bitcoin (Three Strategies)
Strategy 1: Milo 30-Year Mortgage
Best if you want to keep your full Bitcoin position AND get long-term fixed financing. You trade custody for 30-year mortgage terms. Works best if Bitcoin is stable or rising.
Strategy 2: Unchained Bridge + Conventional Refi
- Use Unchained multisig loan to provide down payment (non-custodial)
- Close on property with conventional mortgage (using Unchained loan as down payment)
- Repay Unchained loan over 1-3 years from income
- Net result: property owned with conventional mortgage, Bitcoin still in multisig, no capital gains event
Strategy 3: Sell Bitcoin Strategically
Not every situation calls for a Bitcoin mortgage. If:
- Your Bitcoin was bought years ago at very low basis (huge capital gains to realize) → borrow
- Bitcoin price is near all-time highs and rates are punishing → consider partial sale
- You're in a no-income-tax state → Bitcoin sale less painful
Run the math: Bitcoin loan at 10% annually versus capital gains tax of 20%+ on the down payment amount. Often the loan wins for long-term holders, but not always.
Other Notable Bitcoin Mortgage Lenders
Figure
Figure uses blockchain for its loan origination but accepts crypto as collateral. Offers HELOCs and mortgages with faster closing times than traditional lenders. Figure Bitcoin HELOC is specifically for using Bitcoin as collateral for a home equity line.
Quontic Bank
Quontic accepts Bitcoin as an asset for mortgage qualification — treating it as part of your net worth statement. Standard mortgage rates; you don't pledge Bitcoin as collateral but can count it for income verification purposes.
Guaranteed Rate
Guaranteed Rate's jumbo crypto mortgage program allows crypto holdings to count toward reserves and asset verification for jumbo mortgages.
Better Mortgage
Better's crypto down payment program allows using Bitcoin proceeds (after selling) to fund a down payment with streamlined verification that the funds came from crypto liquidation.
Which Should You Choose?
| Your situation | Best option |
|---|---|
| Want 30-year financing, US property, comfortable with custody | Milo |
| Want to keep your keys, have large BTC position | Unchained |
| Need international access, short-term bridge | Ledn |
| Large down payment, want conventional mortgage rates | Quontic or Guaranteed Rate |
| Need a HELOC on existing property | Figure Bitcoin HELOC |
Related Resources
- Bitcoin Mortgage Guide — Full guide to buying a house without selling Bitcoin
- Best Bitcoin Mortgage Lenders — Complete lender comparison
- Bitcoin-Backed Loans Guide — All Bitcoin borrowing options
- Bitcoin Tax Guide — Why selling Bitcoin for a down payment is painful
- Bitcoin Self-Custody Guide — Unchained multisig and key management