- Roam announces Roam Boost –– a solution that allows buyers to purchase a home with a 2% mortgage included and a down payment as low as 10%.
- This announcement puts buying a home with an assumable mortgage within reach for 50% of homebuyers.
- Buyers interested in purchasing a $400k home could use Roam Boost to put 20% down and receive a Roam Rate of 4.3%, saving more than $500/month compared to a market rate mortgage.
How it Works
With market mortgage rates above 7% and affordability at a 40-year low, 75 million Americans have been priced out of being able to purchase a home. This is why we launched Roam, to help millions of Americans wind back the clock on rates and purchase a home with a 2% mortgage included.
With the typical Roam buyer saving up to $12,000 per year, and closing in only 45 days –– purchasing a home with an assumption has never been easier. But, one issue has been holding hopeful homebuyers back — finding the cash for the down payment.
Today, we're excited to announce Roam Boost, the low-cost second mortgage solution that reduces the down payment requirement to purchase a home with an assumable mortgage to just 10% –– lower than the requirement for a conventional mortgage. According to the NAR, which tracks median homebuyer down payments, Roam Boost now puts the assumable mortgage opportunity within reach of 50% of homebuyers.
Assumable mortgages are a type of home loan that allows a homebuyer to take over, or assume, the existing mortgage terms from the seller. All government-backed loans (e.g., FHA and VA loans) are eligible for assumption by law, comprising about one-third of mortgages in the U.S.
When assuming a mortgage, the seller is completely released from the mortgage, with all liability for the mortgage transferring to the buyer, and the buyer must also cover the seller’s equity in the home. That means the buyer must pay for the difference between the purchase price and the outstanding balance on the seller’s mortgage at closing. For homes with significant appreciation or a lower mortgage balance, this can mean a sizable down payment.
With today’s launch of Roam Boost, buyers who need support with the down payment can browse listings on the Roam website and use the Roam Boost calculator to determine the blended rate and monthly payments based on their desired down payment amount. For example, buyers interested in purchasing a $400k home could use Roam Boost to put 20% down and receive a Roam Rate of 4.3%, where they would save more than $500 per month compared to a new traditional mortgage at 7.5%.
Roam Boost in Action: A New Era of Home Buying
To date, over 300,000 users have leveraged our platform to search for homes with assumable mortgages at competitively low rates. Buyers who end up using Roam are not only closing assumptions in record times, typically just 45 days, but also saving an average of $15,000 annually.
Through Roam Boost, we're opening doors to lower down payments, flexible financing, and significantly increased buying power. Imagine accessing competitively low mortgage rates and reducing your annual home expenses by thousands—all with a down payment capped at just 15%.
Roam Boost redefines what's possible in home financing. With loans ranging from $25,000 to $500,000 and terms from 5 to 30 years, we cater to a wide range of financial needs. Add to that a maximum combined loan-to-value ratio of 85% and eligibility with a minimum credit score of 640, and it's clear: Roam Boost is making homeownership accessible and more affordable for countless Americans.
Picture this: You're eyeing a charming home priced at $250,000, carrying an assumable mortgage balance of $175,000. Traditionally, this scenario would require a $75,000 down payment. However, Roam Boost bypasses this barrier by offering a second mortgage to cover any shortfall, thus enabling a down payment as low as 15%. This means more purchasing power and savings for you, translating into significant advantages in a competitive market.
Getting Approved for Roam Boost
Found your dream home and ready to get pre-approved? Click "Get Assumption Details" directly from any property listing to to schedule a meeting with a Roam Advisor and we will assist you in starting the process. You can also reach out to us at support@withroam.com. From there, you’ll work with our servicer partners to complete the application and underwriting process and obtain approval. In the interim, your Roam team will coordinate with the seller and servicer to ensure a smooth path to closing.
Start Your Journey Today
Step into the future of homeownership by exploring listings on Roam. Create an account, set your preferences, and be the first to know when properties that meet your criteria hit the market.
Click here to get started — enter your city, state, zip code, or school district and see's how much you can save with Roam.
*Rates vary based on homes and the original loan term. Buyer eligibility may vary and will require loan approval based on your financial situation. The blended rate range assumes well-qualified buyers with a high credit score.
