Digital Assets: USDC.homes Offers DeFi (Crypto) Home Mortgages
Users may purchase homes using crypto without having to first liquidate it.
A new decentralized finance project, USDC.homes, is inviting holders of digital assets in Texas to buy homes with their crypto wealth. The so-called “crypto mortgage” allows users to leverage their crypto holdings in the home buying process upto 80% of the purchase price, and even earn interest on their down payment. (Cryptonews)
Crypto loans from USDC.homes
The crypto loans come with the following terms:
- Borrow upto $5 million on a 5-year ARM, 30-year mortgage
- Only 20% down payment in crypto
- Rates as low as 5.5%
- Cryptos accepted as collateral include ethereum, bitcoin, USDC, other coins
- The down payment is staked, thereby accruing interest that would offset payments
- Users needn’t sell their crypto for buying a home – thereby avoiding a tax loss
- Loan transactions are processed on-chain; however, the application process allows for submission of off-chain data such as a credit score.
Ryan Berkun, founder and CEO of Teller said: “USDC.Homes empowers potential home buyers to leverage their digital asset holdings to access a mortgage, opening up the doors for crypto-natives that have historically been locked out of the traditional mortgage lending process.”
On its website, USDC.homes also said its crypto loans were the right fit for those who lived outside of the US and wanted to buy a home financed with crypto. It notes that 61% of all non-residents homebuyers made an all-cash purchase.
“If you live outside of the USA traditional mortgage programs are unavailable,” says the firm. “With USDC.homes you can get a mortgage with your cryptocurrency without being a US resident or citizen.”
Latest Alternative Investment News
Michael Saylor, CEO of MicroStrategy (NASDAQ: MSTR), who is permanently bullish on bitcoin, reiterated his positive outlook for the leading crypto in an interview on Thursday. Note that MicroStrategy currently…
The crypto world was dealt a body blow by the collapse of the TerraUSD (UST) stablecoin earlier this month. The Terra meltdown is now being referred as crypto’s “Lehman moment.”…
Fast-growing, Southeast Asia-focused payments infrastructure platform Xendit closed on a US$300 million Series D funding co-led by Coatue and Insight Partners with additional investment from Accel, Tiger Global, Kleiner Perkins,…
FTX Stocks is an equity trading platform offered through the FTX US trading application. FTX US announced Thursday a private beta phase trading on the platform for US customers selected…