Milo vs Better
A conforming, qualify-with-crypto mortgage against a non-QM loan collateralized by bitcoin.
By Steven Han and Michael Song · Rates as of October 12, 2026 · Verified daily · Rates unchanged since tracking began June 16, 2026
Some “Visit” links are affiliate links. No lender can pay for placement, and this never changes which lenders we include or the data we show. The rates compared here are each lender's standard published effective APR. See disclosures.
What it costs over 12 months
Borrowing $119,228 at 40.7% LTV for one year. Interest and the origination fee, on standard published terms. The reference loan is below Milo's minimum.
The biggest structural difference is maximum LTV: Milo 100% versus Better 97%.
Full side-by-side on 11 terms below, including custody, rehypothecation and the margin-call cure window.
The bottom line
They are structurally different products. Better offers a conforming mortgage with crypto held at Coinbase Prime and a high max LTV. Milo offers a non-QM mortgage collateralized directly by your bitcoin, with published rates from around 7.0% and a 2% origination fee. Choose Better if you want a conventional conforming loan; choose Milo if you specifically want a bitcoin-collateralized mortgage.
Conditional guidance, not a recommendation. The right pick depends on your loan size, LTV, state, and what you value most. Rates can change; the table below is the live source.
Milo vs Better, side by side
 Milo |  Better | |
|---|---|---|
| Starting APR | 7% | By consultation |
| Origination fee | 2% | Not published |
| Rate type | Fixed | Fixed |
| Max LTV | 100% | 97% |
| Custody model | Qualified custodian (Coinbase Custody, BitGo) | Qualified custodian (Coinbase Prime) |
| Rehypothecation | No | No |
| Minimum loan | $275,000 | Not published |
| Maximum loan | $5,000,000 | $806,500 |
| Prepayment | Not published | Standard conforming prepayment terms |
| Operating since | 2018 | 2016 |
| Availability | All 50 states | All 50 states |
| Learn more | Learn more |
Custody and counterparty risk
Milo holds collateral via qualified custodian (Coinbase Custody, BitGo), while Better uses qualified custodian (Coinbase Prime). Neither rehypothecates collateral.
Leverage, limits, and speed
Milo allows the higher maximum LTV (100% vs 97%), so you can borrow more per Bitcoin, at the cost of a thinner buffer before a margin call if the price falls.
Track record and availability
Better has the longer history, operating since 2016 versus 2018.
Strengths and trade-offs
Milo
- Coinbase Custody or BitGo qualified custody
- Self-custody option available (up to 75% LTV)
- Foreign nationals served, no SSN required
- Up to $25M loan
- Up to 100% LTV with full BTC pledge
- Mortgage rate higher than typical crypto general-loan rate
- Exact state list not publicly transparent, verify directly
- Margin call threshold at 56-69% BTC price drop from pledged value
- ~2% origination fee
Better
- First Fannie Mae-conforming crypto mortgage (March 2026)
- No margin calls triggered by Bitcoin price movements
- All 50 states, Better's standard footprint
- 30-year fixed conforming rate
- Coinbase Prime qualified custody
- Full-doc Fannie Mae underwriting required (income, DTI, credit, appraisal)
- Foreign nationals not eligible, Fannie Mae conforming requires US borrower
- ≥250% BTC over-collateralization required for the down payment portion
- Loan capped at conforming limit ($766,550 baseline; higher in high-cost areas)
About each lender
Milo
Operating since 2018; first crypto mortgage 2022. $100M+ originated including a record $12M single transaction (Feb 2026). Coinbase or BitGo qualified custody with self-custody option. Foreign nationals are a core market.
Better
First Fannie Mae-conforming crypto-backed mortgage, launched March 26, 2026 by Better in partnership with Coinbase. Standard Fannie Mae conforming first mortgage + BTC-pledged second loan funds the down payment. All 50 states. No-margin-call structure.
Frequently asked
Which has lower custody risk, Milo or Better?
Milo uses qualified custodian and Better uses qualified custodian. Neither rehypothecates pledged collateral.
Can I borrow more with Milo or Better?
Milo allows the higher maximum LTV (100% versus 97%), so you can borrow more per Bitcoin pledged. The trade-off is a thinner buffer before a margin call if Bitcoin's price drops.
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borrowonbitcoin.com is a comparison publisher, not a lender or financial advisor. Rate data verified October 12, 2026. How we verify rates · Full disclosures.