Provides a platform for homebuyers to purchase properties using assumable mortgages, allowing them to take over existing low-rate loans—often as low as 2-3%—from sellers. This approach reduces monthly payments by up to 50% compared to conventional mortgages, making homeownership more accessible in a high-interest rate environment.
Funding
$4.3M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
In a high-interest rate environment, many homebuyers are priced out of the market due to high monthly mortgage payments. Securing a conventional mortgage at current rates can significantly strain household budgets, limiting access to homeownership.
Solution
Roam provides a platform that connects homebuyers with properties that have assumable mortgages, allowing them to take over the seller's existing low-interest rate loans. By assuming these mortgages, buyers can potentially reduce their monthly payments by up to 50% compared to obtaining a new mortgage at prevailing market rates. Roam streamlines the assumption process, offering a 45-day closing guarantee and managing the coordination between buyers, sellers, and loan servicers. The platform lists homes with assumable mortgages, primarily FHA and VA loans, and provides tools to help buyers discover listings, get pre-qualified, and close on their new home.
Target Audience
Roam primarily targets homebuyers, particularly first-time buyers and those seeking more affordable options, who are struggling to enter the market due to high interest rates. The platform also caters to real estate agents and sellers looking to attract more qualified buyers and close deals faster.
Features
- Searchable listings of homes with assumable mortgages featuring interest rates as low as 3%.
- Qualification tools to help buyers determine eligibility for mortgage assumption based on FHA, VA, or USDA loan requirements.
- 45-day closing guarantee to expedite the home buying process.
- Management of the assumption process, coordinating with agents, sellers, and loan servicers.
- Roam Boost, a second mortgage solution to reduce the down payment required for assuming a mortgage.
- Listings include FHA and VA loans qualified under federal law.