T
he Texas housing market is facing a surge in inventory, with the highest level in 14 years, according to research from the Texas Real Estate Research Center. Despite high interest rates and economic uncertainty, some buyers are finding opportunities to secure low mortgage rates, as low as 2.5%. This has led to an increase in interest in assumable mortgages, where a buyer takes on the seller's existing loan balance and lower rate.

    Real estate agents report that more people are exploring this option, which can result in significant savings for buyers. For example, Dallas realtor Ben Wilson helped a Plano family secure a 2.8% loan, saving them around $1,200 per month compared to current FHA loan rates of 6.5%.

    Only government-backed loans, such as FHA, VA, or USDA loans, are assumable. Buyers must still qualify and cover the gap between the loan balance and sales price. Real estate agents can help buyers research homes with assumable mortgages, which may be advertised in listings or found through websites like Roam.

    To find homes with assumable mortgages, buyers can search online resources such as the Texas Financial Toolbox, which offers free financial education, credit counseling, and homebuyer education programs. The Texas State Affordable Housing Corporation also provides a list of free resources to help buyers navigate the process.