NEW YORK (Diya TV) — Roam, a New York startup that focuses on assumable mortgages, has raised $11.5 million in a Series A round led by Keith Rabois of Khosla Ventures, with Founders Fund participating.
Founded in 2023 by Indian American CEO Raunaq Singh, Roam aims to address housing affordability by enabling homebuyers to assume existing low-interest mortgages from sellers. This approach allows buyers to inherit interest rates significantly lower than current market rates, potentially saving them substantial amounts over the life of their loans.
“Assumable mortgages are the #1 non-inflationary lever that must be pulled in the next four years to make housing more affordable,” said Rabois, who is also a co-founder of Opendoor. “There is no other solution to solve this crisis of housing affordability that is a generational problem.
Roam’s platform simplifies the process of finding and transferring assumable mortgages, historically a cumbersome and underused option. By providing pre-approval tools and shortening closing times to 45 days, Roam makes this form of financing more attractive.
In the last year alone, Roam has enabled about $250 million in home sales and saved consumers an estimated $137 million in interest payments. The company aims to have operations in 70% of the U.S. market by the next three years to end of 2025.
“Roam is here to provide a real solution for would-be homebuyers and sellers wanting to transition to their next stage,” Singh said. “Sellers are homebound waiting for valid offers, and buyers are eager to find a better way to buy a home in a world where affordability continues to drift further out of reach.
