Properties / 3497 E Sierra Madre Avenue
FHA ASSUMABLERate: 4.3%

3497 E Sierra Madre Avenue

$849,000
Gilbert, AZ 85296
5 beds3 baths3,503 sqftSingle Family
The assumable advantage
4.3%
FHA assumed rate
$29,041 interest already paid off
Estimated Loan Balance$46,678
Cash to close$802,751
Est. Monthly PITI$891
Initial Loan Amount$62,609
Time on site50 days
Remaining Term17 years, 9 months
Seller's equity (what you pay)
$802,322
Cash or secondary financing
Monthly savings
$4,693
Versus today's market rate
Est. savings per year
$56K
Versus today's market rate

About this home

This spacious corner-lot home in Morrison Ranch offers 5 bedrooms, 3 full baths, mature greenery, and a desirable greenbelt-setting. The main level includes separate formal living and dining spaces, a large eat-in kitchen, walk-in pantry, French doors to a side courtyard, full bedroom and bathroom ideal for guests, a home office, or flexible living needs. Upstairs features an oversized primary suite with sitting area, dual closets, separate shower and tub, and double vanities, plus a loft, open study area, three additional bedrooms, and a full bath. The private backyard offers a comfortable setting for relaxing or entertaining. HVAC units replaced in June 2023 and July 2025, water heater replaced in May 2023, major appliances replaced in 2023, reverse osmosis system in 2024. Located near Greenfield Elementary, Greenfield Junior High, and Highland High, with convenient access to dining, shopping, and freeway connections.

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 $802,322. 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

Bedrooms5
Bathrooms3
Square feet3,503
Property typeSingle Family
MLS #7026334
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)
$314/mo
Source est. payment (PITI)
$891/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$802,322

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

$0$802,322
Additional funds needed$0

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