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Assumable Homes for Sale in Francis, Utah
Francis sits at about 6,500 feet in the Kamas Valley, fifteen minutes east of Park City and a straight shot down Highway 32 from Heber. It's a small ranching town — under 1,500 residents — where lots are bigger, skies are darker, and most buyers are after some elbow room without the Park City price tag. Median sale prices in Francis typically run in the $800K–$1.2M range for single-family homes, and on larger acreage parcels well above that. Because monthly payments at today's rates push many of those homes out of reach, assumable mortgages have become one of the more useful tools for buyers who want into the Kamas Valley without absorbing a 7% interest rate.
An assumable listing in Francis usually means the seller financed with an FHA or VA loan between 2020 and 2022 and locked a rate in the 2.5%–4% range. A qualified buyer can take over that loan, keep the original rate and term, and cover the equity gap with cash or a second mortgage. The savings over a 30-year horizon can be substantial — often six figures of interest — which is why these listings move quickly when they appear. Inventory is thin in a town this size, so it pays to watch closely and be ready to move. Browse the active assumable listings below to see what's currently on the market in Francis.
May 2026 · Francis market
Live from the Utah MLS — what's actually happening in Francis right now.
Median sale
$1,675,962
1 closed in May 2026
Median DOM
—
listing → contract
Sale-to-list
100.1%
of final list price
Unsold inventory
27
active + pending
1 matching · page 1 of 1
Active listings
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Common questions
About assumable homes in Francis.
What is an assumable mortgage, and why does it matter in Francis right now? ▾
An assumable mortgage lets a qualified buyer take over the seller's existing loan, including the original interest rate and remaining balance. With many Francis sellers holding FHA or VA loans locked in at 2.5%–4% from 2020–2022, taking over that rate can save a buyer hundreds of thousands in interest versus a new loan at today's rates. It's one of the few ways to access cheap money in the current market.
Which loan types are actually assumable? ▾
FHA, VA, and USDA loans are assumable with lender approval. Conventional loans almost never are. In Francis and the surrounding Summit County area, VA assumptions show up fairly often because of the military and veteran population in the Wasatch Back, and USDA loans appear on more rural parcels east of town.
Do I need to be a veteran to assume a VA loan in Francis? ▾
No. Any qualified buyer can assume a VA loan, but if you're not a veteran, the seller's VA entitlement stays tied up with that property until the loan is paid off. That matters for the seller, not you — your monthly payment and rate are the same either way.
How does the down payment work on an assumption? ▾
You owe the difference between the sale price and the remaining loan balance in cash or a second mortgage. On a $900,000 Francis home with a $550,000 assumable balance, you'd need to cover roughly $350,000 at closing. That gap is the main reason assumptions don't work for every buyer, even when the rate is great.
How long does an FHA or VA assumption take to close in Utah? ▾
Plan on 45–90 days. The servicer — not the original lender — has to underwrite you and formally approve the transfer, and servicers are not in a hurry. Build that timeline into your offer and your rate-lock plans on any secondary financing you need for the equity gap.
Are there many assumable listings in a small town like Francis? ▾
Inventory is thin. Francis only has a few hundred homes total, and assumable listings come and go quickly. The active count below reflects what's currently on the market — if nothing shows, it's worth setting a saved search and checking nearby Kamas, Woodland, and Oakley as well.