Roam Boost: A 2% mortgage with an affordable down payment

• Roam has partnered with lender Spring EQ, to announce Roam Boost –– a solution that allows buyers to purchase a home with a 2% mortgage included and a down payment as low as 15%. 
• 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 $12,000 per year, and closing in only 45-60 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 15% ––  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 + Spring EQ: Your Financing Dream Team

We've joined forces with Spring EQ, which currently originates over $2 billion in second mortgages annually, to bring you Roam Boost. This partnership means you get access to the lowest-cost second mortgage options on the market, enabling purchases beyond what traditional financing allows.

Spring EQ also brings certainty and flexibility to the transaction with multiple HELOAN options and the ability to close loans within 21 days, well within the standard assumption timeline.

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.

Calculating the Blended Rate

It's important to understand that while second mortgages might carry higher rates, the overall cost is significantly curtailed through our partnership with Spring EQ. To facilitate your decision-making, we've added a Roam Boost calculator to every listing. This tool helps you estimate the blended rate — a weighted average of your primary and second mortgage rates, ensuring you fully grasp your potential monthly savings and overall affordability.

Once you find a home, input the offer price and your desired down payment into the Roam Boost calculator on the listing page, and our tool will adjust the blended rate and monthly payment based on your details. For added convenience, adjust the figures using the on-screen slider to see how different scenarios affect your rates.

In this example, using a second mortgage provides an annual savings of nearly $6,500. Remember, when interest rates and home prices remain high, every percentage point matters and maximizes your buying power.

Getting Approved for Roam Boost

Found your dream home and ready to get pre-approved? Click "No obligation consultation" directly from the Roam Boost Calculator to schedule a meeting with a Roam Advisor and we will assist you in starting the process. From there, you’ll work with Spring EQ 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 from Spring EQ. The blended rate range assumes well-qualified buyers with a high credit score.