Properties / 1347 E 2ND Street
FHA ASSUMABLERate: 6.54%

1347 E 2ND Street

$432,000
Mesa, AZ 85203
4 beds3 baths2,297 sqftSingle Family
The assumable advantage
6.54%
FHA assumed rate
$75,125 interest already paid off
Estimated Loan Balance$339,088
Cash to close$94,061
Est. Monthly PITI$2,704
Initial Loan Amount$351,200
Time on site50 days
Remaining Term26 years, 9 months
Seller's equity (what you pay)
$92,912
Cash or secondary financing
Monthly savings
$309
Versus today's market rate
Est. savings per year
$4K
Versus today's market rate

About this home

Located just minutes from Downtown Mesa and Main Street, this home offers unbeatable access to shopping, restaurants and entertainment. For sale is a great oppurtunity in this neighborhood. This 4 bedroom/ 2 bath Home features some nice updated items. Updated kitchen cabinets and counters, ceramic slate tile throughout. Spacious great room design with a bonus room that can be used as another family room or playroom. This home has no HOA and offers irragated lot. Seller is offering a roof replace credit and pool is not-functional. Home can qualify for FHA rehab loan. FHA please read remarks.

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 $92,912. 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

Bedrooms4
Bathrooms3
Square feet2,297
Property typeSingle Family
MLS #7040664
CountyMaricopa County
Assumable loanFHA
Tour this home
In person or virtual.
Prefer virtual tour?
Free · No commitment · Typical reply in 15 min
Investor?
FHA is primary-residence only. But Jeff has VA assumables in the same area.
Jeff Salazar
Active now · (602) 332-3860
Call

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)
$2,239/mo
Source est. payment (PITI)
$2,704/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$92,912

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

$0$92,912
Additional funds needed$0

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