Properties / 3817 E FRANCES Lane
FHA ASSUMABLERate: 2.84%

3817 E FRANCES Lane

$534,900
Gilbert, AZ 85295
5 beds3 baths2,625 sqftSingle Family
The assumable advantage
2.84%
FHA assumed rate
$43,569 interest already paid off
Estimated Loan Balance$294,900
Cash to close$240,664
Est. Monthly PITI$1,909
Initial Loan Amount$329,670
Time on site49 days
Remaining Term25 years, 2 months
Seller's equity (what you pay)
$240,000
Cash or secondary financing
Monthly savings
$1,786
Versus today's market rate
Est. savings per year
$21K
Versus today's market rate

About this home

Welcome to this beautifully maintained 5 bedroom, 2.5 bath home in the heart of Gilbert! Offering 2,625 sq ft plus a flexible bonus room, this one is truly move-in ready. Fully remodeled bathrooms and new luxury vinyl plank flooring in 2021 mean the big-ticket work is already done. The open kitchen features granite counters, a large center island with custom wood detail, stainless appliances and a fresh subway tile backsplash, flowing right into the dining and living areas for easy entertaining. Rare downstairs bedroom with an attached bonus room makes the perfect guest suite, home office or media room. Out back, low-maintenance synthetic turf and a covered patio, plus an extended driveway that parks four! Upstairs offers four additional bedrooms, including a spacious primary suite with a spa-inspired bath featuring a freestanding soaking tub, oversized glass walk-in shower with bench seating, floor-to-ceiling tile, and a generous walk-in closet. Both full baths were completely redone in 2021. Secondary bedrooms are well sized with great closet space and natural light. Custom touches throughout set this home apart, including a reclaimed wood accent wall at the entry, a built-in board and batten drop zone with hooks and bench, designer lighting, and floating shelves in the dining area. The laundry room features a window, custom wood shelving, and room to actually work. The backyard is built for easy Arizona living with synthetic turf that stays green year-round, a covered patio for shade, and full block fencing for privacy. No mowing, no watering, just enjoy it! The extended driveway accommodates up to 4 vehicles in addition to the garage, and a shaded community park with playground, ramada, and open grass sits just down the street. Fully remodeled baths and new flooring in 2021, a rare downstairs bedroom with bonus room, and a yard already finished. Nothing left to do but move in.

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 $240,000. 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 feet2,625
Property typeSingle Family
MLS #7057841
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)
$1,368/mo
Source est. payment (PITI)
$1,909/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$240,000

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

$0$240,000
Additional funds needed$0

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