Properties / 5838 S 23RD Drive
FHA ASSUMABLERate: 6.5%

5838 S 23RD Drive

$408,000
Phoenix, AZ 85041
3 beds2 baths1,439 sqftSingle Family
The assumable advantage
6.5%
FHA assumed rate
$79,376 interest already paid off
Estimated Loan Balance$335,068
Cash to close$74,481
Est. Monthly PITI$2,696
Initial Loan Amount$347,915
Time on site50 days
Remaining Term26 years, 6 months
Seller's equity (what you pay)
$72,932
Cash or secondary financing
Monthly savings
$194
Versus today's market rate
Est. savings per year
$2K
Versus today's market rate

About this home

Beautifully maintained 2023-built single-level home located in a desirable gated community in South Phoenix. This move-in ready property features a functional split floor plan, offering both privacy and comfort. The interior boasts stylish granite countertops, modern finishes, and an open living space perfect for everyday living and entertaining. Enjoy outdoor living with a low-maintenance backyard featuring ample shade and lush artificial turf--ideal for relaxing or hosting. Conveniently situated near South Mountain, with parks both within the neighborhood and nearby, this home offers easy access to outdoor recreation. Refrigerator, washer, and dryer are all included, making this home truly turnkey. A perfect blend of modern design, comfort, and location--don't miss this opportunity

How assumption works for this home

Can I assume this FHA loan?

Yes, as long as you meet the lender's credit (620+) and DTI requirements. FHA assumptions require you to use the home as your primary residence.

How much cash do I actually need?

You need to cover the seller's equity of $72,932. If you don't have that in cash, we can help structure secondary financing to cover the gap.

Can investors assume this one?

No — FHA loans require owner-occupancy. If you're an investor, ask us about our VA inventory.

How long does this take?

Typically 45 days. The lender underwriting is 2–3 weeks, and the rest is standard closing.

Property details

Bedrooms3
Bathrooms2
Square feet1,439
Property typeSingle Family
MLS #7016316
CountyMaricopa County
Assumable loanFHA
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Investor?
FHA is primary-residence only. But Jeff has VA assumables in the same area.
Jeff Salazar
Active now · (602) 332-3860
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Payment & cash calculator

Cash covers the gap between the price and the existing loan balance. Changing this amount does not change the existing mortgage payment.

Est. mortgage payment (P&I)
$2,212/mo
Source est. payment (PITI)
$2,696/mo

P&I is principal and interest. PITI also includes estimated taxes and insurance. HOA fees and payments on any additional financing are separate.

Estimated equity gap$72,932

Asking price minus remaining loan balance. Closing costs are additional.

$0$72,932
Additional funds needed$0

The equity gap is covered. Closing costs and assumption fees still need to be confirmed.