Properties / 505 W ELM Lane
FHA ASSUMABLERate: 6.53%

505 W ELM Lane

$335,000
Avondale, AZ 85323
3 beds2 baths1,678 sqftSingle Family
The assumable advantage
6.53%
FHA assumed rate
$61 interest already paid off
Estimated Loan Balance$11,217
Cash to close$323,783
Est. Monthly PITI$311
Initial Loan Amount$11,217
Time on site8 days
Remaining Term24 years
Seller's equity (what you pay)
$323,783
Cash or secondary financing
Monthly savings
$1,899
Versus today's market rate
Est. savings per year
$23K
Versus today's market rate

About this home

This beautifully open 3-bedroom, 2-bath home offers 1,678 sq ft of thoughtfully designed living space, plus a versatile bonus room ready for a home office, gym, playroom, or den, the choice is yours. The open concept layout creates a seamless flow between kitchen, dining, and living areas, perfect for everyday living and entertaining alike. Located across the street from a park and in a desirable Avondale neighborhood close to shopping, dining, and easy freeway access for commuters. Low maintenance yard means more time enjoying your home and less time working on it. 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 $323,783. 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 feet1,678
Property typeSingle Family
MLS #7065530
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)
$77/mo
Source est. payment (PITI)
$311/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$323,783

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

$0$323,783
Additional funds needed$0

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