The platform allows buyers to find homes with assumable mortgages that can be transferred to a new buyer without any additional underwriting or closing costs
Roam, a real-estate company that helps buyers purchase homes with assumable low-rate mortgages, has raised $1.25 million in seed funding. Founded by Raunaq Singh, Roam is based in New York with its services currently available in five states: Georgia, Arizona, Colorado, Texas, and Florida. It plans to expand to more states in the near future.
Roam’s platform allows buyers to find homes with assumable mortgages, which are mortgages that can be transferred to a new buyer without any additional underwriting or closing costs. This can save buyers a significant amount of money on their home purchases.
Roam’s seed funding round was led by Keith Rabois at Founders Fund. Additional investors include Eric Wu (Opendoor co-founder), Ryan Johnson (Culdesac CEO), and Jana Messerschmidt (Founding Partner at #ANGELS). The funding will be used to expand Roam’s team and platform and to launch the service in new markets.
The company also welcomed Tim Mayopoulos, former CEO of Fannie Mae, as a senior advisor. Apart from that, Eric Wu and Keith Rabois have joined the board, allowing the company to bring more than 40 years of real estate experience to the team.
Roam charges a 1% fee from buyers through closing costs to make the process simple and stress-free. They will coordinate every detail on behalf of their customers, from helping them discover eligible listings to finding a second mortgage partner. Its seed funding round is a sign of the growing interest in assumable mortgages.
Assumable mortgages can be a great way for buyers to save money on their home purchases, and Roam’s platform makes it easy for buyers to find and purchase homes with assumable mortgages.