How to buy a home with Roam
Your step-by-step guide to the process
Find a low-rate assumable home
Roam displays all assumable homes listed for sale with an underlying FHA or VA loan. Be sure to save your search preferences to be notified about new homes that hit the market matching your criteria.
Get approved for up to a $150k higher purchase price
When you find a home, get started by previewing your personalized savings. You’ll be able to afford a larger purchase price when you take over a 3% loan instead of a taking on a new 7% loan.
Sign your Roam Service Agreement
Once you're approved, sign the Roam Service Agreement to gain access to Roam’s partner agent program, secondary gap financing, offer assistance, closing protection and to get your letter of eligibility, which will increase the likelihood of your offer being accepted.
Tour the home
Take a tour with a Roam Partner Agent or your agent. Roam Partner Agents have experience closing homes with assumable mortgages in your market. If you like the home after your tour, let your Roam advisor know. They’ll get to work to ensure your offer is accepted.
Submit a competitive offer
We'll help your agent make your offer stand out by including your assumption eligibility letter and offer Roam closing protection to the seller, covering their mortgage if closing takes longer than 45 days.
Congrats! Your offer is accepted
Roam will work with your agent to ensure you have the relevant paperwork to assume the mortgage and will get the loan assumption process started within 24 hours.
Check-in with your Roam Concierge
Under contract, Roam's Concierge team works across the buyer, seller, agent and lender to ensure a seamless closing process, including weekly check-ins and status updates.
Close on your new low-rate home
Congrats! The hard work is done and Roam helped get you into the new home with thousands in savings.
Frequently asked questions
What types of loans does Roam feature on the website?
Roam features homes with assumable FHA and VA loans with rates as low as 2%.
Can I purchase a home with an FHA loan for investment purposes?
FHA loan assumptions require the home to be your primary residence. To qualify to assume an FHA loan, the property must be your primary residence for a minimum of one year. This means you must live in the home for more than six months out of the year. VA loan assumptions do not require the home to be your primary residence, making them a great option for real estate investors.
Can I purchase a home with a VA loan if I’m not a veteran?
Yes. Non-veterans can assume a VA loan, provided they meet the lender’s VA criteria. When a qualified buyer assumes a VA mortgage from a veteran or active-duty service member, the seller’s VA loan entitlement remains tied to the assumed loan until the buyer pays off or refinances the loan. This process restores the veteran seller’s entitlement, enabling them to use their VA benefit for a future home purchase.
Do I need to use a Roam partner agent? What if I already have an agent?
If you do not currently have an agent, or have one but prefer to be connected with an agent who specializes in mortgage assumptions, Roam can pair you with a local expert in your area. Alternatively, if you’d like to use your own agent, Roam is happy to work with them. To be paired with a Roam partner agent, get started by clicking the button on any property page - we’ll see if you’re eligible for a mortgage assumption and help you schedule a call.
I reached out to the listing agent and they said the home is not assumable. Is this true?
Most listing agents don’t know their seller’s property has an assumable mortgage. Roam helps these agents verify the rate with their seller, and educates them on the benefits of accepting an assumable offer. For the best chances of your offer being accepted, ask Roam to reach out to the listing agent on your behalf. We’ll confirm the loan details and help you present the seller with a competitive offer. This includes Roam’s letter of eligibility and the Roam Protection Plan, ensuring that if we don’t close within 45 days, we’ll pay the seller’s mortgage until we do.
I’m interested in buying a home with Roam. What should I do?
Once you’ve found a home you’re interested in, see if you’re eligible and get your personalized savings by clicking the button on any property page. We’ll ask a few questions about your home buying needs, financial situation and see if you qualify. From there, you can schedule a call with a a Roam partner agent or a Roam Advisor. 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 or VA 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.
Do I need pre-approval?
Yes, most listing agents will not entertain an offer without a pre-approval. Once your offer is accepted, the seller’s servicer also underwrites the loan and checks your credit score, debt-to-income ratio, and other financial factors to see if you meet minimum requirements.
What is the Roam Service Agreement and why do I need to sign it?
We require all prospective buyers to sign Roam’s Service Agreement to receive consultation and access to our services, such as consultation on the mortgage transfer, personalized letter of eligibility ensuring , secondary financing, the Roam Protection and more. benefits of our services. Signing this agreement gives you access to our services, but you only pay the 1% fee when you’ve successfully closed on the home with Roam.
What is Roam’s closing timeline?
Roam transactions typically close in the same amount of time as a standard home purchase. To give sellers added peace of mind, if it takes longer than 45 days, we will pay the seller's mortgage until we close. Roam's Protection Plan is designed to ensure sellers are more receptive to assumption offers, knowing they are covered if the timeline is delayed. It also provides additional negotiating room and can help strengthen your offer in a multiple-offer situation when it occurs.