Properties / 2396 W RIO GRANDE Court
FHA ASSUMABLERate: 3.35%

2396 W RIO GRANDE Court

$414,000
Flagstaff, AZ 86001
3 beds2 baths1,094 sqftSingle Family
The assumable advantage
3.35%
FHA assumed rate
$48,203 interest already paid off
Estimated Loan Balance$84,369
Cash to close$329,947
Est. Monthly PITI$884
Initial Loan Amount$125,044
Time on site35 days
Remaining Term16 years, 6 months
Seller's equity (what you pay)
$329,631
Cash or secondary financing
Monthly savings
$1,886
Versus today's market rate
Est. savings per year
$23K
Versus today's market rate

About this home

One of the most affordable homes Flagstaff has to offer! Sitting on a quiet cul-de-sac in Railroad Springs, this 3-bedroom, 2-bath single-level at 1,094 sf sits under mature ponderosa pines with a fully fenced backyard, covered pergola, and patio. Pride of ownership shows in recent updates: new roof 2021, dual-pane privacy windows throughout 2025, and furnace 2022. Both bathrooms renovated in 2025 with new showers, tubs, and enclosures. The kitchen shines after its full 2016 remodel, plus a new oven and dishwasher were added in 2026. Two sheds, a water filtration system, and updated laundry appliances round out a home that has been genuinely cared for. Exterior painted 2025. Close to the neighborhood park, Observatory Mesa's trails, I-40, and downtown Flagstaff. FHA and VA eligible.

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 $329,631. 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 feet1,094
Property typeSingle Family
MLS #7063592
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)
$555/mo
Source est. payment (PITI)
$884/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$329,631

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

$0$329,631
Additional funds needed$0

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