All Forum Posts by: Paul Stout

They do take a $5500 nonrefundable fee and 1% buyer side commission so as an agent I can't see how you would try them out as you will need to cut your pay. The servicer may have their own fees, rules, and disclosures.

Agent crosses a line to disclose rates, legal ins and outs, terms, and disclose the loan which even a broker license doesn't cover. Agent is also responsible to disclose to VA seller that they will lose a percentage of their eligibility and the loan might show on their credit after the fact.

Servicer isn't set up with lots of staff processing so the buyer needs to turn in their whole financial history for the past two years in one email, don't trickle in papers they get lost. Owner occupied only.

Hey Caroline, I don't know where you heard about the $5,500 fee but that's incorrect. The only cost is a 1% fee paid for by the buyer.

So far as the assumption process goes, it's possible to do it yourself, but Roam makes it substantially easier. There's a reason that historically so few people did these types of transactions.

And lastly, Roam's website is probably the best way to find a home with an assumable mortgage. They are quite difficult to find on other property search engines.

5 Votes

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.

2 Votes

3 Votes

All Forum Posts by: Paul Stout

Paul Stout has started 0 posts and replied 3 times.

Post: Has anyone tried out Roam (Assumable mortgage startup)

Post: withroam.com – "Your new home, made affordable"

Post: withroam.com – "Your new home, made affordable"