For investors
Assumable shortlist
Two keeps. Conditions in writing.
I screen VA and FHA assumable mortgages for a payment the rent can carry. This page is the shortlist: the properties I am willing to keep, and the conditions that are still open. The shortlist now has two keeps. Brief #01 is 6855 Manzanita Avenue in Twentynine Palms. Brief #02 is 21903 Esaws in Apple Valley, and the carry on that one is thin. Both are illustrative underwriting screens. They are not an offer to buy or sell, they are not a solicitation of any listing, and they are not a promise of profit.
I am Joe Homs, designated broker of Pellego, California DRE #00702131. I have 50+ years in this market, 600+ closed transactions, and 8 books. 350 people are licensed with Pellego, Inc. The book on this subject is Assuming Advantage. A broker's guide to FHA and VA mortgage assumptions.
How I screen
I look for a VA or FHA loan a buyer can assume, on one lien, where the rent still covers tax, insurance, HOA, and principal and interest, with something left before vacancy and repairs. The gap is the list price minus the loan balance. It has to be an amount a buyer can bring. I want the listing active in CRMLS. If the only Active flag I have is from PropStream, I say so on the brief, and I do not treat the status as confirmed until Matrix matches. I screened this file on October 31, 2026, Pacific time.
| Loan | One VA or FHA assumable. Rate under 4 percent. I prefer a single lien. |
|---|---|
| House | Single-family. At least 3 bedrooms and 2 baths. List price at or under $500,000. |
| Carry | Market rent minus tax, insurance, HOA, and principal and interest. I want that number positive before vacancy and repairs. |
| Gap | List price minus loan balance, from $0 to $100,000. |
| Status | I want Active in CRMLS. If Active is only in PropStream, the brief says so. I do not publish an address that is still unverified. |
| After reserves | Vacancy at 8 percent and capital expenses at 5 percent. A stressed result down to about −$300 a month can still stay inside the screen. |
These rules describe this shortlist. They are not a promise that the next house will match them, and they are not a promise of profit.
The keeps
The shortlist now has two keeps. Both are pass with conditions. Brief #02 is the thin one.
01 · Manzanita
6855 Manzanita Ave, Twentynine Palms, CA 92277. List $330,500. Single VA loan at 2.7 percent. Cash flow about $344 a month before vacancy and repairs. Verdict: keep, pass with conditions.
Read brief #0102 · Esaws
21903 Esaws, Apple Valley, CA. List $315,000. Single VA loan at 3.09 percent. Cash flow about $4.49 a month before vacancy and repairs. Active in PropStream only; CRMLS Matrix is unverified. Verdict: keep, pass with conditions. The carry is thin.
Read brief #02
I add the next brief only after the screen is done. I do not publish an address that is still unverified.
What the screens left off
A short list from each pass, so the keep file stays a keep file.
The pass that kept Manzanita:
- Charger Court in Hemet. The cash flow was negative. I do not keep a house that does not carry.
- Lausanne Drive in Crestline. Short sale, and underwater. The gap was outside the band, and a short sale adds approval risk.
- A few properties had a gap inside the band and more than one lien. A second lien means more cash and a harder assumption. They stay off while I prefer a single loan.
The pass that kept Esaws:
- Pinon Drive in Yucca Valley. A notice of default, pre-foreclosure, and vacant.
- Desert View in Desert Hot Springs. Off market, and two liens.
- Quarter Horse in Hesperia. Cash flow about −$798 a month.
- Burlwood in Lancaster. The gap was about $126,000, past the $100,000 ceiling.
Read this before you underwrite one
The plain-language guide is assumable mortgage basics. VA qualification is on the VA assumable mortgage requirements page. FHA qualification is on the FHA assumable mortgage requirements page. How I work with investors is on the investors page. The book is Assuming Advantage.
How to reach me
Work: (949) 625-4533. Direct cell: (949) 394-0149. Open daily, 9 AM to 8 PM. The office is at 23121 Verdugo Dr #100, Laguna Hills, CA 92653.
This shortlist is an illustrative underwriting screen. It is not an offer to sell or buy any house. It is not a solicitation of a listing. It is not legal advice or tax advice. It is not a promise of profit. Numbers can change. On brief #02, Active status is PropStream only until CRMLS Matrix confirms it. A buyer has to qualify with the lender and, on a VA loan, with the VA. Verify every figure yourself before you write an offer.
The record
- 50+ years in Orange County real estate. Licensed since 1977.
- 600+ closed transactions.
- 4.9 from 63 Google reviews.
- 350 Pellego team members, licensed with Pellego, Inc.
- Author of 8 real estate books.
- My license is DRE #00702131. Pellego, Inc. corporation license is DRE #02043232.
- Work (949) 625-4533. Direct cell (949) 394-0149.
- Office: 23121 Verdugo Dr #100, Laguna Hills, CA 92653. Open daily, 9 AM to 8 PM.
Questions
What is the assumable shortlist?
It is the keep file from my screen of VA and FHA assumable mortgages. I want a single loan, carry I can explain before vacancy and repairs, and a gap between the list price and the loan balance that a buyer can fund. The shortlist now has two keeps. Brief #01 is 6855 Manzanita Ave in Twentynine Palms. Brief #02 is 21903 Esaws in Apple Valley. Both verdicts are keep, pass with conditions. Esaws is a thin carry.
How do you screen for positive carry?
I subtract the monthly tax, insurance, HOA, and principal and interest from the market rent. What is left is the cash flow I put on the brief. On the October 31, 2026 screen I also wanted one lien, a single-family house, a rate under 4 percent, at least 3 bedrooms and 2 baths, a price at or under $500,000, and a gap from $0 to $100,000. I want the listing active in CRMLS. If Active is only in PropStream, the brief says so, and I do not treat the status as confirmed until Matrix matches. After an 8 percent vacancy allowance and 5 percent for capital expenses, a stressed result down to about −$300 a month can still stay inside the screen.
Are these briefs an offer on either house?
No. The Manzanita brief and the Esaws brief are illustrative underwriting screens. They are not an offer to buy or sell 6855 Manzanita Ave or 21903 Esaws, and they are not a solicitation of either listing. They are not legal or tax advice, and they are not a promise of profit. The numbers can change. A buyer has to qualify with the lender and with the VA. On Esaws, Active status is PropStream only until CRMLS Matrix confirms it. Verify the file yourself.
How do I talk to you about an assumable?
Call the work line at (949) 625-4533 or my direct cell at (949) 394-0149. I am Joe Homs, designated broker of Pellego, California DRE #00702131. The office is at 23121 Verdugo Dr #100, Laguna Hills, CA 92653. The first meeting is free.
Free investor consultation
Want a second look at an assumable?
Bring the address.
I will tell you whether it fits this screen. The first meeting is free. It is not a promise of profit.