How do I find an assumable mortgage?
Finding a home with an assumable mortgage requires a focused approach and patience. It’s not an easy or fast hunt but can be well worth your efforts. Here are some ways to locate these types of listings:
1. Partner with an experienced agent
An experienced real estate agent, particularly one familiar with assumable mortgages, can be invaluable. They often have access to listings and networks that may not be publicly available, and can identify homes with assumable mortgages more efficiently.
“Finding the property initially is probably the most important part — your agent can search for listings with assumable loans,” says Broesamle, who’s been helping home shoppers for more than 22 years. “Once you find the home you like, you need to reach out and talk to the seller’s agent and work with the seller in order to find out who their loan company is to make sure that you can assume the loan.”
2. Search real estate websites using keywords
Interest in assumable mortgages has spiked in many parts of the county. Real estate listing companies like Redfin and Zillow have seen a steep rise in the number of home listings touting the availability of assumable mortgage loans.
Most real estate listing websites have advanced filtering options that will let you enter keywords into your home search. If the seller or their agent is aware that a loan is assumable, they often include this information in the listing.
Some multiple listing service (MLS) systems also have a built-in field for “Assumable,” which allows you to select this specific filter when running a search.
If a site’s filter does not include an “Assumable” filter option, enter specific keywords like “Assumable mortgage,” “Assumable,” or “Assume.” This method can filter out listings that don’t meet your criteria, narrowing your search to properties with potential assumable loans.
When using major sites like Zillow, the keyword option is located under the “More” menu or the “Advanced Search” tool. You can also try including keywords related to loan types that you know are assumable, such as “VA loan,” “FHA loan,” or “USDA loan.” On some sites, loan-type information can be found in the “Mortgage History” section of a listing.
However, there will be other homes on the market with assumable loans that will not appear on a standard keyword search.
3. Use assumable loan websites and online services
There are modern websites and online services dedicated to finding home listings with assumable mortgages. These platforms are specifically designed to connect buyers with sellers offering assumable loans, making them a focused resource in your search.
Here are two examples of regional websites that break out assumable mortgage listings:
What is Roam (withroam.com)?
A recent real estate services startup called Roam is making the search even more convenient. The company specializes in identifying home listings with low-interest-rate assumable mortgages.
According to the company’s founder, Raunaq Singh, Roam is the first real estate service to provide a data feed exclusively made up of homes eligible for loan assumption. The company’s website homepage touts, “Assuming a 2% mortgage could cut your monthly payments in half.”
Because Roam is a licensed real estate broker and a member of multiple listing services, they have access to all the same listings a traditional real estate agent can view. The service cross-references mortgage data with public records to compare and locate homes for sale that are financed by assumable FHA or VA loans. (Roam currently does not include USDA loan listings in its coverage area.)
The cost to use Roam is 1% of the property’s sale price. So on a home that sells for $400,000, you’ll pay $4,000, an amount you might make up in a matter of months from the money you can save on monthly payments with a low interest rate assumption. Roam currently operates in select areas of Georgia, Colorado, Arizona, Texas, and Florida.
Service fees and locations can change. Check Roam’s FAQ page for updates.
