Crypto mortgage for real estate purchase launched in the US

A new DeFi project USDC. homes has been launched in the US, allowing to obtain a crypto mortgage without a full collateral for the entire amount of borrowed funds.

The project is currently operating and allows residents of Texas to obtain mortgages, but it is planned to expand to other states in the near future.

BTC, ETH, and stablecoins are accepted as collateral. All you need to do is agree to an interest rate of 5.5% and deposit 20% of the amount required to buy a house as a pledge. Despite the full digitalization of the project, the borrower can indicate his or her scoring by traditional banks to facilitate obtaining the consent of network participants. Also, in rare cases, this allows you to take out a loan without any liquidity at all.

USDC.homes has already issued its first cryptocurrency loan to a Texas resident who used a $ 500,000 loan to buy a $ 680,000 apartment. The loan was unsecured and was granted based on the borrower’s credit rating.