The real estate landscape is facing unprecedented challenges with mortgage rates soaring above 7%, leaving many potential homebuyers feeling locked out of the market. However, a pioneering real estate startup, Roam, has emerged as a beacon of hope for those looking to secure their dream home at a fraction of the cost.
When in Roam
Roam, launched in September 2023, is taking an unconventional route to provide a solution to the mortgage rate crisis. Their innovative approach revolves around “assumable mortgages,” a lesser-known workaround that allows sellers to transfer their existing loans to buyers. What makes this even more enticing is that Roam is focused on government-backed loans, such as those processed by the Federal Housing Administration and the US Department of Veterans Affairs, which are assumable and often come with more lenient qualification criteria.
In an exclusive interview with Roam’s CEO, Raunaq Singh, he shared the platform’s vision. “We’re addressing the issue of home affordability in a market where rates have crossed 7%. Tens of millions of American families are being priced out of the real estate market. We want to change that narrative,” Singh stated.
A real game-changer
Roam operates as a licensed real estate brokerage, enabling them to identify homes eligible for assumable mortgages from MLS records. They offer buyers the opportunity to secure homes with historically low interest rates, as low as 2%. Buyers only need to pay the seller’s remaining equity at today’s borrowing rate in an assumed transaction.
While Roam has a small workforce of 10, their impact is significant. They’ve attracted considerable interest, and it’s clear that their disruptive approach to real estate financing is gaining traction.
The real estate market might be in a state of flux, but Roam is leading the charge in making homeownership dreams a reality, even in a 7% world.