Assumable Mortgages in Michigan

Assumable Homes in Michigan

Michigan has one of the largest assumable property inventories in the Midwest, with approximately 98,000 FHA and VA assumable homes across 2,813 census tracts. The state's combination of affordable housing stock and high FHA origination rates during the 2019–2022 period has created a deep pool of assumable homes at a median note rate of 3.7%.

The Detroit metro — Wayne, Oakland, Macomb, and Washtenaw counties — accounts for the largest share of Michigan's assumable property inventory. FHA assumable homes are particularly concentrated in Detroit's east and west side suburbs: Warren, Sterling Heights, Westland, Taylor, and Dearborn. These communities saw strong first-time buyer activity during the low-rate era, and many of those obligations are now assumable.

Grand Rapids, Lansing, Flint, Kalamazoo, and Saginaw also carry meaningful assumable homes inventory. Selfridge Air National Guard Base near Mount Clemens contributes VA assumable property to the northern Detroit suburbs.

At 5.7 years median age, Michigan's assumable obligations are among the younger in our dataset — meaning a higher proportion date to the 2020–2022 rate trough when 30-year rates briefly fell below 3%. For buyers in Michigan's recovering urban markets, assuming an existing obligation at 3.7% versus originating new represents a compelling financial advantage. Our Michigan data list covers all 83 counties at the census-tract level.