Properties / 397 N LOBB Avenue
FHA ASSUMABLERate: 6.5%

397 N LOBB Avenue

$265,000
Superior, AZ 85173
2 beds2 baths1,036 sqftSingle Family
The assumable advantage
6.5%
FHA assumed rate
$32,687 interest already paid off
Estimated Loan Balance$260,061
Cash to close$5,206
Est. Monthly PITI$1,961
Initial Loan Amount$265,109
Time on site50 days
Remaining Term28 years, 2 months
Seller's equity (what you pay)
$4,939
Cash or secondary financing
Monthly savings
$0
Versus today's market rate
Est. savings per year
$0K
Versus today's market rate

About this home

This manufactured home is move-in ready, with a porch in the front to sit and enjoy the mountain views and sunsets and is open and light and features two bedrooms, 1 3/4 baths and is 1036 square feet on a very spacious 11,256 square foot lot with a detached shed in the back. Both bedrooms are very spacious and the master has a walk in closet with an ensuite with dual sinks The kitchen has a nice sized island which opens to the living room. The backyard has a nice sized shed and an additional space in the back of the shed for additional storage and has several different fruit trees for you to enjoy. This home is very close to downtown and you could walk downtown in a matter of minutes. Welcome to your new home where you will create wonderful new memories.

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 $4,939. 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

Bedrooms2
Bathrooms2
Square feet1,036
Property typeSingle Family
MLS #6988062
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)
$1,679/mo
Source est. payment (PITI)
$1,961/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$4,939

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

$0$4,939
Additional funds needed$0

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