New York-based housing startup Roam has secured $11.5 million in Series A funding, led by Khosla Ventures’ Keith Rabois, who calls the company “the future of the housing market.”
The round also includes participation from Founders Fund and angel investors like Eric Wu (Opendoor), who is joining Roam’s board alongside Rabois.
Founded in September 2023 by Raunaq Singh, a former Opendoor product lead, Roam helps homebuyers access homes with assumable mortgages — loans that allow buyers to inherit a seller’s lower interest rate. This can result in up to 50% savings on monthly mortgage payments compared to current market rates.
Tackling Housing Affordability with Fintech
Amid mortgage rates hovering near 7%, the platform offers a unique way for buyers to secure ultra-low legacy rates from as low as 2.25%. In 2024, Roam facilitated $200 million in home sales and attracted over 200,000 buyer registrations. Singh claims that Roam generates revenue by charging 1% of the purchase price per transaction.
“With assumable mortgages, buyers can save hundreds of thousands of dollars over the life of their loan,” said Singh. “We’ve built tools to make this process seamless and accessible, even enabling buyers to bring as little as 5% down.”
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How It Works
- Buyers search Roam’s marketplace of homes with assumable mortgages
- The Startup provides pre-approval tools to increase offer acceptance
- The company helps secure gap financing if buyers can’t cover full seller equity
- Roam promises to close deals in 45 days, or they cover the seller’s mortgage
Historically, assumable loans have been underutilized because of slow approval processes and low awareness. The firm aims to change that, claiming to have over 2,000 listings in cities like Houston alone.
Rapid Growth, Big Vision
The housing startup currently operates in 17 states and plans to go nationwide by the end of 2025. Singh projects the company will facilitate $1 billion in home sales through its platform this year.
Rabois, who previously backed Singh at Opendoor, has now led three consecutive rounds for Roam. He believes the company is uniquely positioned to address America’s housing crisis.
“Roam can save millions of homebuyers up to $200,000 over the life of their loan,” Rabois said. “This is one of the few solutions that can meaningfully lower housing costs at scale.”
With a lean team of 12 and a product-first strategy, the company is emerging as a serious player in proptech — offering a timely alternative as buyers seek affordability in a high-rate world.
