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withroam.com – "Your new home, made affordable"
A friend of mine sent me this website recently, and told me to look into it.
But as good as it sounds, I have been trying to find the caveat. It all sounds too good to be true, so I am wondering if anyone else has explored "Roam"?
"Roam buyers save up to 50% on monthly mortgage payments compared to those who buy a home with a traditional mortgage at current rates." is what the company keeps on pushing out from a PR front, but it just sounds suspicious to me. Thoughts?
#1 All Forums Contributor
- Investor
- Virginia
Quote from @Account Closed:
A friend of mine sent me this website recently, and told me to look into it.
But as good as it sounds, I have been trying to find the caveat. It all sounds too good to be true, so I am wondering if anyone else has explored "Roam"?
"Roam buyers save up to 50% on monthly mortgage payments compared to those who buy a home with a traditional mortgage at current rates." is what the company keeps on pushing out from a PR front, but it just sounds suspicious to me. Thoughts?
its a clearing house for VA loans that can be assumed. they facilitate the process.
Quote from @Chris Seveney:Do you know the caveat?
Quote from @Account Closed:
A friend of mine sent me this website recently, and told me to look into it.
But as good as it sounds, I have been trying to find the caveat. It all sounds too good to be true, so I am wondering if anyone else has explored "Roam"?
"Roam buyers save up to 50% on monthly mortgage payments compared to those who buy a home with a traditional mortgage at current rates." is what the company keeps on pushing out from a PR front, but it just sounds suspicious to me. Thoughts?
its a clearing house for VA loans that can be assumed. they facilitate the process.
All VA and FHA loans are assumable. They have no due on sale clause. Roam simply helps people find homes that have these types of loans. They charge 1% in the form of a closing cost to the buyer. There has been a lot of press around assumable mortgages recently given how high rates are.
#1 Market Trends & Data Contributor
Quote from @Paul Stout:
All VA and FHA loans are assumable. They have no due on sale clause. Roam simply helps people find homes that have these types of loans. They charge 1% in the form of a closing cost to the buyer. There has been a lot of press around assumable mortgages recently given how high rates are.
can we assume FHA-loan owner occupant SF and convert it to rental ?
Quote from @Carlos Ptriawan:
Quote from @Paul Stout:
All VA and FHA loans are assumable. They have no due on sale clause. Roam simply helps people find homes that have these types of loans. They charge 1% in the form of a closing cost to the buyer. There has been a lot of press around assumable mortgages recently given how high rates are.
can we assume FHA-loan owner occupant SF and convert it to rental ?
If you assume an FHA loan it has to be a primary residence for the first year. After that period though my understanding is that you can do what you wish with the property.
#1 Market Trends & Data Contributor
Quote from @Paul Stout:
Quote from @Carlos Ptriawan:
Quote from @Paul Stout:
All VA and FHA loans are assumable. They have no due on sale clause. Roam simply helps people find homes that have these types of loans. They charge 1% in the form of a closing cost to the buyer. There has been a lot of press around assumable mortgages recently given how high rates are.
can we assume FHA-loan owner occupant SF and convert it to rental ?
If you assume an FHA loan it has to be a primary residence for the first year. After that period though my understanding is that you can do what you wish with the property.
good tip, why I never think of this before.
#5 House Hacking Contributor
- Realtor
- Reno, NV
@Account Closed
It's such a great idea! Also, you can search "assumable" as a key word in Zillow to see some of these listings yourself.
It won't show all that are able to be assumed, only if the agent puts it in the listing description, but it's a place to start.
-
Real Estate Agent Nevada (#S.0200197)
- 415-233-1796
- http://addressincome.com
Quote from @Chris Seveney:
Quote from @Account Closed:
A friend of mine sent me this website recently, and told me to look into it.
But as good as it sounds, I have been trying to find the caveat. It all sounds too good to be true, so I am wondering if anyone else has explored "Roam"?
"Roam buyers save up to 50% on monthly mortgage payments compared to those who buy a home with a traditional mortgage at current rates." is what the company keeps on pushing out from a PR front, but it just sounds suspicious to me. Thoughts?
its a clearing house for VA loans that can be assumed. they facilitate the process.
Is it just the clearing house for VA not FHA? I'm helping a realtor with an open house and a prospective buyer came by because the house was on Roam, but the homeowner never had a mortgage on this house. From looking at the website's advertised interest rate (which was 2.75%) my impression was they were just looking at the date the property was purchased and estimating a mortgage payment based on the market rate at that time, 2.87% per Fannie Mae.
It is NOT a clearing house. It is merely an app. They charge $5500 non refundable and 1% to buyer side so realtor is going to have to kick in money.
They cannot provide any legal explanations, they do not provide loan documents, they know the general contact for the servicer of the note, they don't negotiate on buyers behalf...
What exactly do they do? Collect your money.
Realtor is not licensed to talk about rates, loan terms, legal... Be careful with VA as Realtor should disclose to seller the percentage of eligibility they lose.
Servicer of note is not required to respond in any specific time frame.
Assumptions for VA and FHA are full documentation- w-2, 1099, IRS taxes, paystubs, bank statements... the War and Peace novel. Owner occupied only. Borrower has to come with terms that the loan qualified with at the date closed (down payment of 3.5 for FHA and you keep the PMI forever).
If a seller has a FHA loan you need to write in your contract that you want to assume the note and seller has to agree to wait for the time frame to make it work (45-65 days minimum).
Assumption sounds great but not if there is huge equity (property increased in value thus you need large down payment).
@Paul Stout do you work for Roam? Not all FHA loans are assumable, some are to qualified owner occupied buyers.
Has anyone heard of anyone doing successful business with this new company?
Quote from @Caroline Gerardo:Readers, please do your own research and don't just go by what people post on the internet. Roam charges 1% of whatever the purchase price is (included in the closing costs). I don't know what this poster is talking about when she quotes a $5,500 fee. And why would the realtor have to "kick in money"??? All FHA and VA mortgages can be assumed, but the buyer must qualify for the loan, and the buyer must live in the property. So what exactly does Roam do? I spoke with them, and it seems like you are paying them 1% to help you go through the process... that's about it. Their website does show you the addresses, down payments, interest rates, and monthly payments, so you don't have to try on your own to find a property that works for you. No, I don't work for Roam. They told me it typically takes 60-90 days to close.
They charge $5500 non refundable and 1% to buyer side so realtor is going to have to kick in money.
What exactly do they do? Collect your money.
Servicer of note is not required to respond in any specific time frame.
If a seller has a FHA loan you need to write in your contract that you want to assume the note and seller has to agree to wait for the time frame to make it work (45-65 days minimum).
@Paul Stout do you work for Roam? Not all FHA loans are assumable, some are to qualified owner occupied buyers.
It’s not fake, all roam does is take a list of properties that have assumable mortgages and then matches that list to homes that are for sale through Zillow.
I am actually closing on a house this Friday and will be assuming the loan. After finding’s the property I just submitted an offer asking to assume the mortgage.
Also I put in an offer on Feb 8th… closing on March 15th.
Quote from @Blake Zegarelli:
It’s not fake, all roam does is take a list of properties that have assumable mortgages and then matches that list to homes that are for sale through Zillow.
I am actually closing on a house this Friday and will be assuming the loan. After finding’s the property I just submitted an offer asking to assume the mortgage.
Also I put in an offer on Feb 8th… closing on March 15th.
How did it go Blake? Everything work out? Did you use Roam? Has anyone used Roam? I am extremely interested in assuming a mortgage, seems like a way to have a cash flowing monster after you move out of the property.
just received an email from Roam and they guaranteed a 45 day close or they would pay for the seller's mortgage until it closed if it went over the 45 days to close.