Roam, a Fintech startup, has recently secured $1.25 million in seed funding with its innovative solution to the ongoing “home affordability crisis.” In a time when mortgage rates have risen to a staggering 7%, Roam aims to help individuals in need of a traditional mortgage by leveraging a little-known quirk in the law that allows the assumption of government-backed loans.
Roam’s founder and CEO, Raunaq Singh, believes that assumable mortgages are highly undervalued assets in the United States. “We started Roam as a way for homebuyers to take advantage of the assumable mortgage opportunity and increase access to affordable rates so that more Americans can realize their dream of homeownership,” he explains.
Tim Mayopoulos, former CEO of Fannie Mae, further emphasizes the significance of Roam’s offering by describing it as a “once-in-a-lifetime opportunity” to address the challenges in the home purchasing market.
Through its website, Roam advertises listings to buyers seeking homes with assumable mortgages. The company claims that, on average, buyers can save up to 50% on monthly mortgage payments compared to traditional mortgage rates. Roam takes care of all the necessary details to facilitate a smooth loan transfer.
Currently, Roam’s service is available in Georgia, Arizona, Colorado, Texas, and Florida. However, the company plans to expand into more markets in the near future, providing an opportunity for potential homebuyers to secure better mortgage rates. If you’re considering purchasing a home and want access to more affordable rates, you can browse Roam’s listings today.
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