A recent New York Post article featured a man by the name of Raunaq Singh, a former Uber and Opendoor employee. He was looking for a home and became frustrated by the increasing mortgage rates and home prices. He started to look around for a more affordable way to buy a home, and in his words, “stumbled across the idea of assumable loans.” As a result, his brand new startup Roam was created.
Roam claims to offer homebuyers who are facing escalating interest rates a chance to buy a home at a fraction of the price. How? Roam connects sellers who locked in low rates a few years back with prospective buyers. The sellers have assumable mortgages that can be transferred to a new buyer. Singh says “because we are a licensed real estate brokerage, we’re able to identify homes eligible for assumable mortgages from the MLS.” Roam will also advertise homes for sale eligible for assumable mortgages and take a 1% fee from the buyer’s closing costs.
Singh says Roam is targeting 4.4 million government backed homes in Georgia, Arizona, Colorado, Texas and Florida. “We’re addressing home affordability – rates over 7% means millions of American families are being priced out of the real estate market.”
You can learn more at www.withroam.com.