Properties / 17201 N 16TH Drive
FHA ASSUMABLERate: 3.45%

17201 N 16TH Drive

$198,990
Phoenix, AZ 85023
2 beds1 baths840 sqftSingle Family
The assumable advantage
3.45%
FHA assumed rate
$26,637 interest already paid off
Estimated Loan Balance$113,473
Cash to close$85,772
Est. Monthly PITI$850
Initial Loan Amount$130,241
Time on site42 days
Remaining Term23 years, 9 months
Seller's equity (what you pay)
$85,517
Cash or secondary financing
Monthly savings
$590
Versus today's market rate
Est. savings per year
$7K
Versus today's market rate

About this home

SELLER OFFERING $2K TOWARD BUYERS ALLOWABLE CLOSING COSTS WITH AN ACCEPTABLE OFFER. SUBJECT TO LENDER/PROGRAM LIMITS! Same Unit just closed for $220k! Amazing deal! NEW PAINT, NEW WATER HEATER, END UNIT with LOW UTILITY COST. The living room flows into the dining area and eat-in kitchen, perfect for everyday living. The kitchen offers recessed lighting, wood cabinetry, granite counters, and built-in appliances. A sliding door opens to the patio for easy indoor-outdoor access. Both bedrooms feature wood-look flooring. The private backyard includes artificial turf, a washer and dryer, and a storage unit. Enjoy the community pool just behind the building, plus a playground and basketball court. Water heater replaced in 2025. Walking distance to shopping, and easy access to I-17 and Loop 101

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 $85,517. 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
Bathrooms1
Square feet840
Property typeSingle Family
MLS #7060496
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)
$584/mo
Source est. payment (PITI)
$850/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$85,517

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

$0$85,517
Additional funds needed$0

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