Properties / 37012 W Leonessa Avenue
FHA ASSUMABLERate: 4.15%

37012 W Leonessa Avenue

$389,000
Maricopa, AZ 85138
3 beds2 baths2,111 sqftSingle Family
The assumable advantage
4.15%
FHA assumed rate
$64,778 interest already paid off
Estimated Loan Balance$146,447
Cash to close$243,298
Est. Monthly PITI$1,306
Initial Loan Amount$180,667
Time on site45 days
Remaining Term20 years, 6 months
Seller's equity (what you pay)
$242,553
Cash or secondary financing
Monthly savings
$1,409
Versus today's market rate
Est. savings per year
$17K
Versus today's market rate

About this home

This large (over 2000sf) Maricopa house has the floor plan and location you've been looking for. After entering the house one steps into the family area which leads to the open great room/kitchen. This 2nd living areas has vaulted ceilings. There is also the 3 car garage and corner lot to add to the appeal.

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 $242,553. 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 feet2,111
Property typeSingle Family
MLS #7059332
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)
$885/mo
Source est. payment (PITI)
$1,306/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$242,553

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

$0$242,553
Additional funds needed$0

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