Best States for Assumable Mortgages in 2026
The assumable mortgage opportunity is not evenly distributed.
Some states have tens of thousands of VA and FHA loans from the 2019–2022 rate window cycling through the market right now. Others have thin inventory, overpriced equity gaps, or so much buyer competition that the savings get bid away in the offer.
After building the most comprehensive assumable mortgage database in the country — 249 state and city guides, hundreds of transactions analyzed — here's an honest ranking of where the real opportunities are in 2026.
We graded every major market on four factors:
- VA Loan Depth — Active-duty military concentration and VA origination volume 2019–2022
- FHA Civilian Pool — Major metros with high FHA purchase volume during the rate window
- Equity Gap Accessibility — Whether loan balances and home prices create manageable gaps for buyers
- Market Awareness — How many competing buyers actually know assumable mortgages exist
The lower the awareness, the bigger the opportunity. In markets where buyers are competing over the same assumable listing, the seller captures the entire premium. In markets where buyers aren't looking, you can negotiate from a position of strength.
The Methodology
Every home with an outstanding VA or FHA loan originated before mid-2022 is potentially assumable. The pool is enormous — an estimated 12 million assumable mortgages nationwide. But "potentially assumable" and "actually accessible" are different things.
For a market to rank well, it needs:
- Volume: Enough assumptions-eligible loans to give buyers real inventory choices
- Accessibility: Equity gaps (the difference between what's owed and what the home is worth) that buyers can close without needing six figures in cash
- Rate quality: Loans at or below 3.5% — where the monthly savings justify the 45–90 day assumption process
- Servicer concentration: USAA, Navy Federal, and Freedom Mortgage are the three servicers that handle the most VA assumptions. Markets with heavy concentrations of these servicers tend to process faster.
Tier 1: The Highest-Opportunity States
These states check every box. Deep inventory, manageable equity gaps, strong savings math, and buyer awareness that hasn't fully caught up to the opportunity.
1. Texas — The Deepest VA Pool in America
Why it ranks first: Texas has the largest active-duty military population outside California and has generated more VA loan volume than almost any other state. Fort Cavazos (formerly Fort Hood) is the largest Army installation in the world by active-duty headcount. Joint Base San Antonio processes more military personnel than almost any base complex in the country. Fort Bliss anchors a massive El Paso market.
What makes Texas exceptional is the combination of scale and accessibility. Killeen and El Paso — the two cities adjacent to the biggest bases — have home prices in the $250,000–$380,000 range. A buyer assuming a $240,000 VA loan at 2.75% in Killeen versus taking out a new mortgage at 6.80% saves $617 per month and over $222,000 over the life of the loan. The equity gap is often under $60,000 — manageable with a small second mortgage.
San Antonio adds the FHA civilian layer. Millions of first-time buyers locked into FHA loans at 3.0–3.5% between 2019 and 2022. Those loans are cycling through as families grow, jobs change, and life moves.
Houston, Dallas, and Austin are the large-city FHA markets — higher equity gaps, but savings that can exceed $1,000 per month on the loans that originated at the top of the buying frenzy.
Best sub-markets for buyers: Killeen/Fort Cavazos, El Paso/Fort Bliss, San Antonio/JBSA
2. California — Massive Inventory, Compelling Math, Higher Gaps
Why it ranks second: California is the single largest VA loan origination state in the country, driven by 170,000+ active-duty military and 1.8 million veterans. The San Diego corridor — Oceanside, North County, Chula Vista — has one of the deepest VA assumption pools anywhere. Camp Pendleton (largest Marine base on the West Coast), Naval Base San Diego, and Miramar have generated enormous assumable inventory.
The savings math is extraordinary. A buyer assuming a $520,000 VA loan at 2.75% in Oceanside versus a new mortgage at 6.80% saves $1,791 per month. That is a $645,000 lifetime savings difference. Buyers with the cash or financing to close the equity gap win enormously.
The challenge is those equity gaps. California home appreciation since 2022 means some loans have equity gaps north of $150,000. That's manageable for move-up buyers and investors but difficult for first-timers. The accessible sub-markets — Inland Empire around March Air Reserve Base, Solano County around Travis AFB — have smaller gaps and more realistic entry points.
Best sub-markets for buyers: San Diego/North County (VA), Inland Empire/Murrieta (VA + FHA), Solano County/Travis AFB (VA)
3. Virginia — #2 Military State, Underrated Civilian FHA Market
Why it ranks third: Virginia has the second-largest military population in the US — over 130,000 active-duty personnel concentrated in Hampton Roads (Naval Station Norfolk, the world's largest naval base), Northern Virginia (Fort Belvoir, Quantico, the Pentagon workforce), and scattered across the state.
Hampton Roads is particularly interesting. The combination of VA loan-heavy military buyers in 2020–2022 and a market that hasn't appreciated as dramatically as coastal California means equity gaps of $60,000–$120,000 in many Norfolk, Virginia Beach, and Chesapeake neighborhoods — well within reach of a gap loan.
A buyer assuming a $310,000 VA loan at 2.75% in Virginia Beach saves $760 per month versus conventional. Add Northern Virginia — where government employees and contractors locked into $400,000–$500,000 FHA loans at 3.0% — and you have a two-layer market with opportunities at every price point.
Best sub-markets for buyers: Virginia Beach/Hampton Roads (VA), Northern Virginia/Fort Belvoir corridor (FHA + VA)
4. North Carolina — Affordable Markets, Enormous Bases
Why it ranks fourth: Camp Lejeune has 47,000 Marines and their families cycling through on PCS orders. Fort Liberty (formerly Fort Bragg) is home to 50,000+ soldiers — the Army's largest installation. Together, they've generated a staggering volume of VA loans in markets where home prices remained relatively affordable.
That affordability is the differentiator. Jacksonville, NC — the city adjacent to Camp Lejeune — has median home prices around $275,000. A buyer assuming a $225,000 VA loan at 2.75% saves $663 per month. The equity gap is often $30,000–$70,000 — the most accessible range in the entire East Coast military market.
The Fayetteville market (Fort Liberty) runs slightly larger but follows the same pattern. Charlotte and Raleigh add FHA civilian exposure for buyers who need more city and less base.
Best sub-markets for buyers: Jacksonville/Camp Lejeune (most accessible VA market in NC), Fayetteville/Fort Liberty (VA), Charlotte (FHA civilian)
5. Florida — Military Depth Plus Major Civilian FHA Markets
Why it ranks fifth: Florida's military footprint is broader than most people realize. MacDill Air Force Base anchors Tampa Bay. NAS Jacksonville is one of the largest naval air stations in the country. NAS Pensacola is the Navy's pilot training headquarters. Eglin AFB in the Panhandle has one of the largest land areas of any Air Force base.
Add Orlando and Tampa's massive civilian FHA markets — both were top-10 FHA origination metros during the 2020–2022 window — and Florida has assumable opportunity everywhere from Pensacola to Miami.
The challenge is home price appreciation. Miami and Southeast Florida have seen dramatic gains, pushing equity gaps to $150,000+ on many loans. Tampa and Orlando remain accessible. Pensacola and Jacksonville have military-market pricing that keeps equity gaps manageable.
The Florida retiree population adds an interesting angle: many military retirees who settled near bases and bought FHA homes at sub-3.5% are now selling to move into communities or downsize. That inventory is often off-market.
Best sub-markets for buyers: Pensacola (VA + accessible gaps), Jacksonville (VA naval market), Tampa/MacDill (VA + FHA civilian)
Tier 2: Strong Opportunity, Specific Market Knowledge Required
6. Georgia — Seven Installations, Underrated Nationally
Georgia flies under the radar in assumable mortgage discussions, but it has more major military installations than almost any state: Fort Moore (largest infantry training base in the world), Fort Stewart (24,000 soldiers, Army's 3rd Infantry Division), Robins AFB (26,000 personnel, the largest employer in Middle Georgia), Fort Eisenhower (Army's cyber warfare headquarters), and Kings Bay Naval Submarine Base.
The Columbus/Fort Moore market is the most accessible — median home prices around $220,000, equity gaps often $40,000–$80,000, and VA loan inventory running deep from the 2019–2022 training base surge. A buyer assuming a $195,000 VA loan at 2.75% saves over $580 per month.
Atlanta's FHA civilian market is a separate play — larger equity gaps, but savings north of $900 per month on the right loan.
7. Washington State — JBLM Is Massive, Awareness Is Low
Joint Base Lewis-McChord (JBLM) in the Tacoma area has 40,000+ active-duty personnel — one of the largest combined installations in the Pacific Northwest. Naval Base Kitsap near Bremerton is the largest Navy base on the West Coast by acreage, homeporting the nuclear submarine fleet. NAS Whidbey Island houses the entire EA-18G Growler community.
What makes Washington interesting is buyer awareness. Agents in the Pacific Northwest are significantly less educated on assumable mortgages than agents in military-saturated markets like San Antonio or Fayetteville. That creates a window.
A buyer assuming a $400,000 VA loan at 2.75% in the JBLM corridor saves $962 per month. Equity gaps in Pierce County neighborhoods around the base run $80,000–$140,000 — serviceable with gap financing.
8. Colorado — Ryan's Home Market, Specialist Knowledge Advantage
Colorado Springs has five military installations in one metro: Fort Carson, Peterson Space Force Base, Schriever Space Force Base, the US Air Force Academy, and Cheyenne Mountain. The officer concentration is unusually high — which means VA loan balances are unusually large, and so are the savings.
The opportunity is real: a buyer assuming a $425,000 VA loan at 2.75% saves over $1,000 per month. But awareness has increased significantly as the assumable mortgage concept has gotten mainstream coverage. The market is more competitive here than it was 18 months ago.
The move for Colorado buyers is targeting officer-heavy submarkets (Monument, Black Forest, Briargate) where loan balances are high enough to create dramatic savings even after covering the equity gap.
→ Colorado Springs guide | Full Colorado guide
9. Tennessee — Fort Campbell Plus Nashville's Underrated FHA Market
Fort Campbell houses the 101st Airborne Division (Air Assault) — 30,000+ soldiers, the most deployed Army division in recent history. When soldiers return from deployments, many cycle out of service and sell. That inventory — concentrated in Clarksville, just north of Nashville — is deep.
The Clarksville VA market has equity gaps of $50,000–$90,000. A buyer assuming a $264,000 VA loan at 2.75% saves $633 per month. Nashville adds a surprising FHA civilian layer: it was one of the top-five FHA migration metros nationally during the COVID era, as buyers flooded in from Los Angeles, Chicago, and New York and locked into 3.0–3.5% FHA loans.
Memphis adds the Naval Support Activity Mid-South (Millington), and Knoxville contributes Department of Energy/DoD federal workforce VA and FHA inventory.
10. Oklahoma — The Most Accessible Equity Gaps in the Country
Oklahoma doesn't make most lists of "hot" real estate markets. That's exactly why it's here.
Fort Sill in Lawton is one of the most active PCS rotation bases in the Army — the Army Field Artillery Center and School processes constant soldier turnover. Tinker AFB in Oklahoma City is the largest Air Force complex in the United States by workforce.
What makes Oklahoma exceptional is not scale — it's accessibility. Home prices are low. A $214,000 VA loan at 2.75% in Lawton saves $799 per month versus conventional. The equity gap on a typical Fort Sill property is $30,000–$65,000 — the most accessible in the library.
For a buyer with limited cash, Oklahoma is the state where assuming a mortgage is most achievable. The math works at lower income levels. The equity gap closes faster.
Tier 3: Emerging Markets Worth Watching
These states have real assumable inventory but require more buyer education or have market conditions that narrow the opportunity.
Alabama: Redstone Arsenal (Huntsville, 40,000+ personnel), Maxwell AFB (Montgomery). Huntsville is particularly interesting — the Army's space and missile defense command draws high-income officers who took large VA loans during the rate window. Equity gaps are moderate. → Full Alabama guide
South Carolina: Fort Jackson (Columbia) is the Army's largest basic training installation — 36,000+ trainees and cadre per year. Shaw AFB adds a fighter base. The civilian FHA market in Columbia and Greenville-Spartanburg is significant. → Full South Carolina guide
Illinois: Scott AFB (near St. Louis, O'Fallon IL) is the TRANSCOM headquarters — strategic importance means senior officers with large VA loans. Naval Station Great Lakes (North Chicago) is the Navy's only boot camp. Chicago's FHA civilian market generated massive volume 2020–2022. → Full Illinois guide
Missouri: Whiteman AFB (Warrensburg) is the only B-2 stealth bomber base in the world — senior officers, high VA loan balances, specialized market. Fort Leonard Wood is the Army's primary engineer training base. Kansas City and St. Louis add civilian FHA layers. → Full Missouri guide
Maryland/DC Area: Fort Meade, Andrews AFB, Aberdeen Proving Ground, and the massive government employee FHA market in Prince George's County and Montgomery County. High equity gaps close to DC proper, but the Maryland suburbs have more manageable numbers. → Full Maryland guide
The States Most Buyers Ignore (But Shouldn't)
Louisiana: Barksdale AFB (Shreveport, B-52 bombers) and NAS JRB New Orleans. Baton Rouge and New Orleans had strong FHA buying windows. Home prices remain accessible — equity gaps under $70,000 in most military submarkets. Louisiana guide
New Mexico: Kirtland AFB (Albuquerque, largest nuclear weapons storage facility in the US) and White Sands Missile Range. The Albuquerque FHA market is significantly under-tracked by assumable mortgage seekers. New Mexico guide
Nebraska: Offutt AFB (Omaha) is US Strategic Command — senior officer market with large VA balances. Omaha's civilian FHA market is large and grew fast between 2020–2022. Nebraska guide
Oregon: Klamath Falls (Kingsley Field, 173rd Fighter Wing), Portland FHA civilian market, Bend VA retiree market. Awareness is very low. Oregon guide
What This Means for Buyers
The best assumable mortgage opportunity exists where these three things align:
- High VA/FHA loan origination volume during 2019–2022
- Moderate home price appreciation since then (enough to have moved up, not so much that gaps are unmanageable)
- Low buyer awareness — you're competing with fewer people who know this option exists
Texas, North Carolina, Tennessee, Oklahoma, and Washington State currently check all three boxes better than almost anywhere else. California and Virginia have deeper inventory but more competitive buyers. Colorado's awareness has increased, narrowing the edge.
The window is open, but it won't stay open indefinitely. As mortgage media continues covering assumable loans, buyer awareness rises. The markets that look like 2023 Colorado today are the ones worth prioritizing before the field levels.
What This Means for Sellers
If you have a VA or FHA loan at or below 3.5% in any of these states, your rate is one of the most valuable assets attached to your property — and most sellers don't know it.
The calculus is simple: a buyer saving $700–$1,800 per month by assuming your loan versus taking a new mortgage will pay more for your home. They have to. Even after accounting for the equity gap, the math works dramatically in their favor.
The sellers who capture that premium are the ones who explicitly market their rate, price intelligently, and work with agents who understand the assumption process end to end.
→ Seller's complete guide to assumable mortgages
How to Find Assumable Inventory in Any State
Every VA and FHA loan is assumable. The inventory exists everywhere. The challenge is identifying which active listings have assumable loans versus conventional mortgages.
Three search approaches:
- Filter by FHA/VA financing on listing platforms. Many MLS-connected search tools allow financing-type filters. Listings with FHA or VA loans are the ones worth analyzing.
- Work with a specialist. Agents who focus on assumable mortgages maintain their own pipeline of pre-screened assumable inventory and know which servicers are processing assumptions quickly.
- Target the zip codes adjacent to bases. In military markets, the zip codes within 10–20 miles of major installations have dramatically higher concentrations of VA loans than the surrounding metro.
At The Assumable Guy, we maintain live searchable inventory of assumable-eligible homes across Colorado and our expansion markets. If you're searching in another state and want help identifying inventory or connecting with a specialist agent, reach out directly.
State-by-State Resource Index
For buyers and agents looking to go deeper on any specific state, here's the full library:
Tier 1 States:
- Texas | California | Virginia | North Carolina | Florida
Tier 2 States:
- Georgia | Washington | Colorado | Tennessee | Oklahoma
Tier 3 & Emerging:
- Alabama | South Carolina | Illinois | Missouri | Maryland | Louisiana | New Mexico | Nebraska | Oregon | Minnesota | Michigan | Ohio | Pennsylvania | New York | New Jersey | Arizona | Hawaii | Alaska
Ryan Thomson is a licensed Colorado real estate agent and founder of The Assumable Guy — the leading platform for assumable mortgage buyers, sellers, and investors. He and his team have closed 90+ assumable transactions representing over $25M in client savings. Questions? Call or text (719) 624-3472 or visit assumableguy.com.