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Get Free Qualified Leads, Offers and Assumable Mortgage support when you are partner with HomeRate Advantage.
HomeRate Advantage is your go-to partner to help buyers achieve affordable home ownership with a low-rate mortgage, and for sellers to reach 5x more buyers. We manage the assumption process from start to finish, and partnering with us is completely free for agents.
Verify your assumable properties on homerateadvantage.com and advertise your seller’s attractive low rate to get free featured listings and 5x more qualified offers.
Help your clients find affordable low-rate homes, and meet new unrepresented buyers when you join the HomeRate Advantage Partner Agent Program.
Access the only assumable mortgage platform with an exclusive 45-day closing guarantee, so you can do more deals in less time.
Assumable mortgages allow homebuyers to wind back the clock on interest rates and take over a seller’s existing mortgage terms, with no financial liability to sellers. All government-backed loans are eligible and millions are available in the U.S—but only Roam gives agents free marketing tools and end-to-end support on the transaction.
Get matched with free unrepresented buyer leads, access custom marketing materials and earn $1,000 for every deal you close when you join the Roam Partner Agent Program.
Get matched with free unrepresented buyer leads, access custom marketing materials and earn $1,000 for every deal you close when you join the Roam Partner Agent Program.
HomeRate Advantage is your go-to partner to help buyers achieve affordable homeownership, and for sellers to reach 5x more buyers. We manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller. All government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
We’re a powerful tool in every agent’s back pocket to help increase the certainty of a sale by making the home more marketable for sellers and more affordable for buyers.
Mortgage assumptions are complex, can be unfamiliar for both agents and servicers, and require constant attention to move each step forward. When not handled correctly, a transaction could be delayed or risk falling through. Without HomeRate Advantage, we have seen paperwork filed incorrectly, focus taken away from buyer support through negotiations due to lengthy calls with the servicer, and closing delays.
HomeRate Advantage has created a platform to streamline the process and solve major pain points lenders may have with processing a loan assumption. As experts in mortgage assumptions, we facilitate the paperwork and communication between all parties involved, ensuring a successful and timely closing. This allows you, as the agent, to focus on all sensitive negotiations and supporting your buyer through the closing process.
We collect a fee of 1% of the purchase price from the buyer through closing costs to make the process simple and stress-free. The savings in monthly mortgage payments as a result of the lower interest rate means HomeRate Advantage’s fee is often made up for within 3 months of closing compared to purchasing the home with a traditional mortgage at today’s rates. HomeRate Advantage is free for sellers and agents.
The process of assuming a mortgage is complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step. This means we’ll coordinate every detail on behalf of sellers, buyers, and agents, from connecting interested buyers to eligible listings to handling paperwork and financing to ensure your mortgage assumption closes smoothly.
We work with all loan servicers.
Contact us to learn about how we can provide HomeRate Advantage buyers with a low-cost second mortgage solution that reduces the down payment requirement to purchase a primary residence with an assumable mortgage to just 5%, and 15% for investment properties. If you have any specific preference for the 2nd lien lender, we are happy to work with them.
With a mortgage assumption, the buyer does not need to originate a new mortgage, and instead, they take over the seller's mortgage terms including the balance and interest rate, and the seller’s mortgage servicer provides the official approval to the buyer for the assumption.
We file for a release of liability of the loan when the mortgage transfers to the new buyer. This means the seller’s name is removed from the note following the assumption, and they will no longer have liability for the mortgage. Their credit will remain untouched and any activity thereafter on the mortgage will not be associated with them.
Any government-backed loan such as an FHA or VA loan is eligible for assumption by law.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
Mortgage assumptions come with specific conditions not present in new loan originations. Buyers assuming an FHA loan will need to move into the home within 60 days of closing and the home is required to be their primary residence for at least one year. But, when buyers assume a VA loan, it is not required this be their primary residence.
Additionally, they should meet the minimum requirements for an FHA loan and have enough for a down payment of 5% for primary residences and 15% for investment properties.
For sellers, the mortgage must be assumable with no delinquent payments (all government-backed loans, such as FHA or VA loans, are eligible for assumption by law). To provide the most value to buyers, Roam also focuses on loans with an interest rate below 5.5% and with sellers who have 60% or less equity in their homes.
Once you fill out the lead form or create an account, we’ll send you Roam’s Assumable Mortgage Playbook. This includes both buyer and seller-specific resources that you can share with your clients to introduce them to Roam.
Additionally, Roam provides free marketing materials for agents to 10x your listing views. These materials include personalized open house flyers, enhanced listing photos that highlight the low interest rate with Roam, updated public remarks, and lawn signs.
If I am representing the buyer, what documentation do I need to include with their offer?
Each state has different documentation requirements for a mortgage assumption. Your Roam Advisor can provide you with more information when you're ready to submit an offer.
Each state has different documentation requirements for a mortgage assumption. Your Roam Advisor can provide you with more information when you're ready to submit an offer.
When you work with Roam to facilitate a mortgage assumption, we guarantee that you will close in 45 days. If the home does not close within this period, we’ll cover the seller’s mortgage payments until it does.
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HomeRate Advantage is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
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