{"id":438014,"date":"2022-04-27T06:07:00","date_gmt":"2022-04-27T03:07:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/uncollateralized-defi-mortgage-taken-out-on-austin-condo-via-teller\/"},"modified":"2022-04-27T06:07:00","modified_gmt":"2022-04-27T03:07:00","slug":"uncollateralized-defi-mortgage-taken-out-on-austin-condo-via-teller","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/uncollateralized-defi-mortgage-taken-out-on-austin-condo-via-teller\/","title":{"rendered":"# Uncollateralized DeFi mortgage taken out on Austin condo via Teller"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a406fb2b6bcc\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a406fb2b6bcc\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/uncollateralized-defi-mortgage-taken-out-on-austin-condo-via-teller\/#%E2%80%9D_Uncollateralized_DeFi_mortgage_taken_out_on_Austin_condo_via_Teller_%E2%80%9C\" >&#8221; Uncollateralized DeFi mortgage taken out on Austin condo via Teller &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Uncollateralized_DeFi_mortgage_taken_out_on_Austin_condo_via_Teller_%E2%80%9C\"><\/span>&#8221; Uncollateralized DeFi mortgage taken out on Austin condo via Teller &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>A new homeowner has bought an apartment in Austin, Texas through a program that allows crypto holders to take out traditional uncollateralized mortgages based on their credit scores.<\/p>\n<p>The USDC.homes crypto mortgages platform issued its first crypto loan to an Austin resident who bought a $680,000 condo with a $500,000 loan issued in USD Coin (USDC) stablecoin over the Polygon (MATIC) network. <\/p>\n<p>This new platform combines practices from traditional lending markets such as leveraging a borrower\u2019s credit score to determine eligibility with new decentralized finance (DeFi) innovations such as cryptocurrency staking to help pay off the balance.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Today, we\u2019re excited to debut <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/26BgeWPd0Z\">https:\/\/t.co\/26BgeWPd0Z<\/a> and announce the arrival of crypto mortgages to Texas!  &lt;1\/6&gt;<\/p>\n<p>Read more<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/I3wcbfZXRY\">https:\/\/t.co\/I3wcbfZXRY<\/a><\/p>\n<p>\u2014 Teller (@useteller) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/useteller\/status\/1518985529244590080?ref_src=twsrc%5Etfw\">April 26, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nLoans from the platform are issued in USD, but borrowers can make payments in Ether (ETH), Bitcoin (BTC), or USDC. It has been built using the Teller lending protocol and backed by the TrueFi project that issues uncollateralized crypto loans. USDC.homes can issue 30-year mortgages as large as $5 million at a 5.5% interest rate which require a 20% down payment.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-04\/0ee50347-34f1-404a-9d0f-f89d64c1bfc7.jpg\"><figcaption style=\"text-align: center;\">The first mortgage issued by USDC.homes on the Polygon network.<\/figcaption><\/figure>\n<p>Each borrower\u2019s down payment is staked, not sold, and accrues interest over time that can be used to help homeowners pay off their loan. According to an April 27 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/medium.com\/teller-finance\/welcome-home-usdc-homes-on-teller-brings-crypto-mortgages-to-texas-homebuyers-32f8dac87284\">blog<\/a> post from Teller, the traditional need to liquidate one\u2019s crypto assets for fiat to secure a loan exposes American borrowers \u201cto the damages of taxation, fees, and a loss of position.\u201d<\/p>\n<p>Real-world loan issuing is becoming a more common use case in the crypto industry. The LoanSnap platform expects to open its services to licensed mortgage brokers this year, according to an April 26 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.housingwire.com\/articles\/the-crypto-mortgage-is-the-new-kid-on-the-block\/\">report<\/a> from Housing Wire.<\/p>\n<p>By using an artificial intelligence (AI) loan origination system, CEO Karl Jacob told Housing Wire that LoanSnap has issued \u201cbillions of dollars\u201d in traditional mortgages. His company\u2019s services have also extended into the crypto space by working with DeFi lender Bacon Protocol to link mortgage values to a nonfungible token (NFT)<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Decentralized credit scores: How can blockchain tech change ratings<\/em><\/strong><\/p>\n<p>Bacon Protocol has been issuing NFT mortgages since last November with lending rates ranging as high as 3.1%, far less than the 5.55% rate on a traditional 30-year mortgage according to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/v\">Investopedia<\/a>.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/uncollateralized-defi-mortgage-taken-out-on-austin-condo-via-teller\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Uncollateralized DeFi mortgage taken out on Austin condo via Teller &#8220; A new homeowner has bought an apartment in Austin, Texas through a program that allows crypto holders to take out traditional uncollateralized mortgages based on their credit scores. The USDC.homes crypto mortgages platform issued its first crypto loan to an Austin resident who&#8230;<\/p>\n","protected":false},"author":1,"featured_media":438015,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvMDQ0OGI2ZTItMzVjNy00YzJlLTkyZjItZDcyNzMyMmYwYmNiLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74868,124302,77595,113408],"class_list":["post-438014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-defi","tag-housing-loans","tag-lending","tag-polygon"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/438014","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=438014"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/438014\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/438015"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=438014"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=438014"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=438014"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}