How to Find Homes with Assumable Mortgages

Finding homes with assumable mortgages is probably the hardest part of this whole process. Not because they don't exist (they do, by the millions), but because most of them aren't advertised as assumable.

Here's why: the listing agent often doesn't know the loan is assumable, doesn't understand assumptions, or doesn't mention it in the listing because they're unfamiliar with the process. I call these agents "gatekeepers," not because they're bad people, but because they're blocking opportunities they don't understand.

Where to Search

1. Specialized Platforms

Roam (withroam.com): The largest platform for assumable mortgage listings. They track assumable properties nationwide and have detailed data including the assumable rate, remaining balance, and estimated savings.

AssumeList (assumelist.com): Another major platform focused on homes with assumable mortgages. They cover both on-market and off-market properties.

Right here. I track over 1,100 assumable properties in Colorado. Our listings page has every assumable home I'm monitoring, with filters for rate, price, beds, baths, and more.

2. MLS Research

If you have MLS access (through an agent), you can filter for properties likely to have assumable loans:

• Search for homes purchased between 2019-2022
• Look for FHA or VA financing mentioned in the listing or agent remarks
• Filter for government-backed loan indicators
• Check the loan origination date if available

The challenge: most MLS systems don't have a direct "assumable" filter. You're doing detective work. But a knowledgeable agent can help.

3. Public Records

County property records show the loan type and origination date. You can cross-reference these with active listings to identify assumable properties. It's tedious manual work, but it's how some of the tracking platforms build their databases.

What Makes a Listing Assumable?

The property isn't assumable. The loan is. So you're looking for:

• **FHA loan on the property:** Any FHA loan originated after December 15, 1989 is assumable.
• **VA loan on the property:** All VA loans are assumable.
• **USDA loan on the property:** USDA loans are assumable with lender approval.

The loan type is the only thing that matters. It doesn't matter if the listing says "assumable" or not. If there's an FHA, VA, or USDA loan on it, it's assumable by law.

Red Flags to Watch For

Not every assumable loan is a good deal. Watch for:

• **High equity gaps:** If the seller owes very little relative to the home price, the gap might be too large to cover.
• **Rates above 4.5%:** An assumption only makes sense if the rate is meaningfully below today's market rate.
• **Very short remaining term:** If only 10 years remain, the monthly payment will be high (less time to pay off the balance).
• **Property condition issues:** An assumable rate doesn't fix a home that needs $50K in repairs.

The Agent Problem

I want to be real about this: most real estate agents have never processed a loan assumption. Many have never even heard the term. When you approach a listing agent about assuming the loan, you might get:

• Confusion
• Resistance
• Incorrect information ("that loan isn't assumable" when it actually is)
• Flat refusal to consider the offer

This is why working with an agent who specializes in assumptions matters. I've dealt with every type of listing agent response. I know how to educate them, address their concerns, and get the conversation on track.

The listing agent is not your enemy. They just need education. Most of the time, once they understand the process and see that it benefits their seller (more buyers, potentially higher price, clean closing), they come around.

My Approach

I maintain a database of every assumable listing in Colorado. I update it regularly with new listings and remove sold properties. Every listing has the key data: assumable rate, estimated loan balance, property details, and calculated savings.

When a buyer contacts me, I don't just send them a list. I analyze which properties make the most sense for their situation: budget, location preferences, gap coverage options, and timeline. Then we target the best opportunities.

It's a different approach than traditional real estate search, and it works because I've specialized in exactly this.

Don't Wait for "Assumable" in the Listing

The biggest mistake buyers make: waiting for a listing to say "assumable mortgage available." Most never will. The data is there, but you have to know where to look and how to verify it.

That's either a lot of research on your part, or you work with someone who's already done it. Either way, the properties are out there. Over 1,100 in Colorado alone, and millions nationwide.