Find your new home at a lower rate with an assumable mortgage
Discover rates as low as 3% while they last.
What is an assumable mortgage?
An assumable mortgage is a type of home loan that lets the buyer take over the existing mortgage terms from the seller.
The buyer then assumes the remaining balance and original mortgage rate—which could be as low as 2-3%. Buyers benefit from lower rates that can save up to thousands in monthly payments. Sellers and their agents get more qualified buyers interested in a home that comes with an assumable mortgage. Roam’s assumable mortgage listings include FHA and VA loans, all qualified under federal law.
Assumable mortgages
are…
Easy to close
Roam offers a 45-day seller closing guarantee to keep the process smooth.
100% free for sellers
There’s no cost for sellers or agents. With Roam, buyers pay 1% of the purchase price.
Fully transferable
Buyers assume the mortgage terms, and sellers are released from all liability at closing.
Assumable mortgages
are not…
Hard to qualify for
You can get approved with a credit score of 580.
Only for veterans
Anyone is eligible to assume a VA loan or any other type of government-backed mortgage.
A “subject-to” offer or creative financing
Assumable loans are authorized by the HUD, and the loan is in the buyer's name at closing.
Secure a lower interest rate
By assuming a mortgage, you can secure a lower interest rate than what’s currently available on new loans. Overall, you can reduce your monthly mortgage payments by as much as 50% compared to securing a brand-new mortgage.
Gain more buying power
Because of an assumable mortgage’s lower interest rate, you may be able to qualify for a higher total loan amount. This means you have more options for the type of home you can eventually purchase and you can finally get your dream home.
Unlock access to the housing market
Today’s high interest rates mean that some people feel like they can’t afford to buy a home even if they want to. But with lower rates from assumable mortgages, homeownership can become a reality thanks to lower payments and closing costs.
Why buy with Roam
We may be able to cut your payments in half.
Save money
Roam only lists homes with assumable mortgages below 5.5%, so you’re guaranteed to get a lower interest rate with us compared to a conventional loan.
Close faster
Roam offers a 45-day closing guarantee, saving you time on the entire buying process and giving you better leverage if a home has multiple offers.
Minimize stress
Buying a home can be a demanding process, but with Roam you can rest easy. We manage the entire assumption process to coordinate the details on behalf of you, the seller, and your agent.
How Roam streamlines the assumable mortgage process
Discover listings
Sign up to find homes that can be purchased with rates as low as 3%.
Get approved
Get qualified to purchase your next home with the low mortgage rate.
Close stress-free
We'll work with your agent and the seller to ensure you close on time.
What are customers saying about Roam?
Ellen Harper found a home with a 2.49% assumable mortgage rate
“I was looking for a reasonable mortgage that I could afford now and in the future…one of the things I loved about Roam is that I got a person on the phone on the first try. I felt as if I had the keys to the kingdom after that conversation…I felt I had a real path forward to purchasing a home.”
Ellen Harper
Buyer in Atlanta, GA
“Roam has been there every step of the way. With Roam, I’ve found the perfect home for my family at an incredibly affordable rate.”
Matthew S.
Buyer in Atlanta, GA
“Every house we saw checked every box…It was like, ‘We could totally afford this.’”
Hasan and Macie Hader
Buyers in Chicago, IL
We collect a fee of 1% of the purchase price from the buyer through closing costs to make the process simple and stress-free.
Savings over the first 5 years
When you buy with Roam, you could save up to $20,000 in your first year alone.
$100,000
One-time Roam fee
For a $500,000 mortgage assumption, at a $550,000 sales price, our fee would be 1% of the sales price.
-$5,500
Net savings over 5 years
By buying with Roam, you could save up to $94,500 in your first 5 years of owning your new home.
$94,500
Supercharge your buying power with Roam Boost
Need help covering your down payment on a home with an assumable mortgage? Do you want to make a larger down payment? Roam Boost is a low-cost second mortgage solution that can help you reduce your down payment to as low as 10%. This can be helpful for certain buyers because down payment sizes vary depending on the seller’s current equity in the home.
Agents and sellers can sell faster with assumable mortgage listings
For agents
Increase your listing views and offers, connect more easily with qualified buyers, and close faster when you work with Roam. We help you make a home more marketable for your seller, but you can also help buyers who are struggling with affordability find their new home. And the best thing? It’s completely free for agents.
Close more deals with RoamFor sellers
Benefit from higher proceeds and a simpler selling process when you work with Roam. Our free-to-you service allows you to reach more buyers when you include your assumable mortgage in your sale. Plus, close stress-free, as we work with your agent and buyer to ensure you close on time.
Find more buyers with RoamFrequently asked questions
What is Roam?
Roam is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
What is an assumable mortgage?
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
Why is an assumable mortgage valuable?
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
How can you find assumable mortgage listings?
Roam has compiled available listings with low-rate assumable mortgages for you to browse. To get started, enter the city, state, zip code, or school district you’re interested in purchasing in. Utilize the search filters to narrow down your search. Click “Get Notified” to save your search preferences and activate listing notifications—we’ll email you as soon as new listings match your criteria.
Once you’ve found your dream home and ready to make an offer, schedule a call with a Roam Advisor directly from the listing. Your Roam Advisor will guide you through each step of the process, while also working directly with your agent, the servicer, and the seller to ensure you close on time.
How do I qualify for an assumable mortgage?
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
Does the buyer have to pay a down payment?
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
