Crypto-Backed Mortgage Lenders Compared: Better/Coinbase vs. Milo vs. Newrez vs. Newfi vs. Figure (2026)

The crypto-backed mortgage market just entered a new era. With Better and Coinbase launching the first conforming (Fannie Mae-eligible) token-backed mortgage on March 26, 2026, borrowers now have a fundamentally different option alongside established players like Milo, Figure, Newrez, and Newfi. But which product is right for you? The differences are significant — and they go far beyond interest rates.

As someone who has evaluated mortgage products for more than three decades, I can tell you that the single most important factor in comparing these products is not the rate — it is the loan structure. Conforming vs. non-QM determines your rate range, your consumer protections, your ability to refinance, and the long-term flexibility of your loan. This guide breaks down every major crypto-backed mortgage option available in 2026.

The Complete Crypto Mortgage Comparison

*Based on Coinbase spokesperson statement to CoinDesk (0.5%–1.5% above standard 30-year conforming rates as of March 2026).

Better + Coinbase: The Conforming Standard

Better and Coinbase's product is the first crypto-backed mortgage to sit inside the conforming loan box. The first-lien mortgage is a standard Fannie Mae-eligible loan — originated and serviced by Better — while the crypto collateral backs a separate, privately financed loan that funds the down payment.

Strengths

• Lowest rates in the crypto mortgage category (0.5%–1.5% premium vs. 2%–4%+ for non-QM)
• Fannie Mae backing provides standardized consumer protections and refinance flexibility
• No margin calls or forced liquidation from market volatility — 60-day delinquency threshold only
• USDC pledgers earn rewards while collateral is pledged, reducing effective cost
• Coinbase One members get 1% rebate (up to $10,000) on closing costs
• Coinbase Custody provides institutional-grade security with selective token pledging
• Plans to expand to tokenized equities, fixed income, and real estate assets

Limitations

• Currently limited to BTC and USDC (expanding over time)
• Loan amounts capped at conforming limits (vs. Milo's $25M ceiling)
• Requires Coinbase account and custody — no self-custody option
• New product with no track record — early access registration phase
• Borrower must meet standard conforming underwriting requirements (credit score, DTI, etc.)

Best for: Borrowers who want the lowest possible rate on a crypto-backed mortgage and are purchasing within conforming loan limits.

Milo: The Crypto Mortgage Pioneer

Milo has been the most prominent name in crypto mortgages, crossing $100 million in total loan originations in February 2026 and closing a record $12 million single transaction. Their product allows up to 100% financing with Bitcoin or Ethereum as collateral — meaning zero cash out of pocket.

Strengths

• Up to 100% financing — no cash down payment required at all
• Loan amounts up to $25M for high-value properties
• Self-custody mortgage option (borrower keeps crypto in their own wallet)
• Established track record ($100M+ originated)
• Accepts both BTC and ETH

Limitations

• Non-QM product — significantly higher interest rates (typically 8–10%+)
• Not Fannie Mae eligible — fewer consumer protections and refinance options
• Non-QM loans are harder to refinance into conforming products later
• Limited to BTC and ETH

Best for: High-net-worth borrowers purchasing expensive properties who want maximum leverage and are comfortable with non-QM rates. Also ideal for borrowers who want self-custody of their collateral.

Newrez: The Institutional Approach

Newrez, owned by Rithm Capital (~$53 billion AUM), announced a crypto-backed mortgage program in late 2025 that allows crypto holdings to be used as reserves and for income qualification without liquidation. The company has been in active dialogue with ratings agencies on secondary market treatment of these loans.

Strengths

• Backed by Rithm Capital's $53B balance sheet — institutional credibility
• Accepts the broadest range of collateral: BTC, ETH, crypto ETFs, and USD-backed stablecoins
• Crypto accepted from any US-regulated exchange (not limited to one platform)
• Working with ratings agencies to potentially securitize crypto-backed loans

Limitations

• Non-QM product with higher rates than conforming alternatives
• Limited public details on specific rate ranges and terms
• Early-stage product with limited origination volume data

Best for: Borrowers who hold diverse crypto assets (including crypto ETFs) and want to work with a large, established lender rather than a fintech startup.

Newfi: Non-QM Specialist for Investors

Newfi, a non-QM lending specialist, launched crypto-backed products in February 2026, starting with DSCR (debt service coverage ratio) rental investor loans and expanding to asset depletion and asset utilization options.

Strengths

• DSCR loans available — ideal for real estate investors using crypto as reserves
• Asset depletion and asset utilization options for flexible qualification
• Experienced non-QM lender with established origination infrastructure

Limitations

• Non-QM rates (higher than conforming)
• Uses valuation haircuts on crypto assets due to volatility (reduces effective collateral value)
• Primarily focused on investor/rental property use cases, not primary residence

Best for: Real estate investors who want to use crypto holdings to qualify for DSCR rental property loans without liquidating their digital assets.

Figure: Crypto-Backed Credit Lines (Not Mortgages)

Figure offers crypto-backed loans against BTC, ETH, and SOL, but these are general-purpose credit lines rather than mortgage products. The company has originated $17 billion+ across all products (primarily HELOC), and its blockchain-based lending platform is one of the most established in the space.

Strengths

• Up to 75% LTV on crypto collateral
• Same-day approval, no credit score required
• Accepts BTC, ETH, and SOL
• Established platform with $17B+ total originations across products
• Could potentially use a Figure credit line to fund a mortgage down payment independently

Limitations

• Not a mortgage product — it is a crypto-backed credit line
• Subject to margin calls if collateral value drops (standard crypto lending mechanics)
• Borrower takes on additional leverage and market risk
• Using a crypto credit line for a down payment is a DIY approach with more complexity and risk

Best for: Borrowers who want a flexible crypto-backed credit line for general purposes (including potentially funding a down payment) and are comfortable managing margin call risk.

How to Choose: Decision Framework

The right crypto-backed mortgage depends on three factors:

• Purchase price and loan amount: If you are buying within conforming loan limits, Better/Coinbase offers the lowest rates. For luxury or investment properties above conforming limits, Milo's $25M ceiling is the clear choice.
• Rate sensitivity: If you want the lowest possible monthly payment, Better/Coinbase's conforming structure wins. If you prioritize zero-cash-out-of-pocket over rate, Milo's 100% financing is unique.
• Collateral flexibility: If you hold assets beyond BTC and USDC — such as ETH, SOL, crypto ETFs, or stablecoins other than USDC — Newrez or Figure offer broader collateral acceptance.
• Use case: For primary residence purchases within conforming limits, Better/Coinbase is the best option. For investor/rental properties, Newfi's DSCR products are purpose-built. For general liquidity needs, Figure's credit lines are the most flexible.

The Bottom Line

The crypto-backed mortgage market is no longer a single-product niche — it is a full spectrum of options ranging from conforming Fannie Mae loans to non-QM investor products to general-purpose crypto credit lines. The Better/Coinbase launch on March 26, 2026 marks the most significant development in this space because it brings crypto collateral into the conventional mortgage system for the first time.

For most primary-residence homebuyers purchasing within conforming loan limits, the Better/Coinbase product will offer the lowest rates and strongest consumer protections. For high-value purchases, investment properties, or borrowers who want broader collateral options, the non-QM alternatives from Milo, Newrez, and Newfi each have distinct advantages.

We will continue updating this comparison as new products launch and existing lenders refine their offerings. The crypto mortgage market is evolving rapidly, and the next 12 months will likely bring additional conforming-eligible products as the FHFA directive to count crypto as mortgage assets moves toward implementation.