The better assumable loans today are 2018 to present VA and FHA loans. Older loans either have 5+ rates or are considerably paid down from their original balance. If I'm not mistaken, the loans must be assumed by an owner occupant.
If you search using the keyword "assumable" you might find a few homes tagged by the listing Realtor in the comments section. The only other way is to work with a title company to see what the underlying mortgage was at the time of purchase. Areas around military bases (San Diego, Vandenberg AFB) should have a better hit rate for these loans than LA/OC.
Here are two examples:
Pinon Drive has an assumable FHA loan, but it was a nearly $600k loan taken out in 2015. The balance could be very, very low right now making your down payment a huge investment just to get the great rate. It may have a very small MMI (mortgage insurance) cost and may vanish in the next 4-5 years. 2015 interest rates for an FHA loan were not as low as they were in 2021, but could still be a reasonable deal.
https://www.redfin.com/CA/Huntington-Beach/5901-Pinon-Dr-92649/home/3839022
22542 Petra is a Condo. It's FHA loan at 2.xx was taken out in 2021 and the balance is probably in the low 6's. Although the rate is low, the FHA MMI makes the effective rate closer to 5% - still a bargain what with a 7% average rate today. The MMI will not go away on this loan until 2031 or so.
(CRMLS) 2 beds, 2 baths, 1477 sq. ft. condo located at 22542 Petra #24, Mission Viejo, CA 92692 sold for $700,000 on Apr 15, 2021. MLS# OC21047747. A COLLECTION OF ELEGANT INTERIOR UPGRADES. .. From the mo...
www.redfin.com
The loan data is from the title access I have and are approximate figures, not actual balances. Rate information is from the listing data. An assumable VA loan will not have a mortgage insurance expense making properties with these kinds of assumable loans more favorable.
If I was looking for my own property that had an assumable loan, perhaps this property would fit.....
https://www.redfin.com/CA/Los-Angeles/1333-Beverly-Green-Dr-90035/unit-302/home/173190284
Why am I not discussing assumable ARM loans? Because ARM loans are only assumable when they become annual or 6 month adjustable loans, not during their 5, 7, or 10 year fixed periods. ARM loans in 2023 will likely be in the 6's and not that great of a deal relative to a fixed rate VA assumable loan.
My .02c
