Properties / 194 W SHANNON Street
FHA ASSUMABLERate: 2.72%

194 W SHANNON Street

$495,000
Gilbert, AZ 85233
4 beds2 baths1,489 sqftSingle Family
The assumable advantage
2.72%
FHA assumed rate
$42,905 interest already paid off
Estimated Loan Balance$258,552
Cash to close$235,826
Est. Monthly PITI$1,706
Initial Loan Amount$297,211
Time on site0 days
Remaining Term24 years, 5 months
Seller's equity (what you pay)
$236,448
Cash or secondary financing
Monthly savings
$1,710
Versus today's market rate
Est. savings per year
$21K
Versus today's market rate

About this home

This 1 story home offers 4 bedrooms 2 baths with vaulted ceilings and a Pool! Major improvements completed in 2024 include a new roof, AC and exterior paint. Solar to be paid off at closing. The kitchen features generous cabinet and counter space, a pantry, gas and an adjoining dining area with abundant natural light. The spacious primary bedroom includes an ensuite bath and double sinks while three additional bedrooms with endless flexibility. Outside enjoy your own private swimming pool, covered patio, block-fence backyard and low-maintenance landscaping. The home also features a 2-car garage and grassy front yard. Conveniently located near downtown Gilbert shopping, dining and freeway access, this home offers a great combination of location, functionality and major recent improvement

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 $236,448. 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

Bedrooms4
Bathrooms2
Square feet1,489
Property typeSingle Family
MLS #7064966
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)
$1,209/mo
Source est. payment (PITI)
$1,706/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$236,448

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

$0$236,448
Additional funds needed$0

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