Properties / 20648 N 8TH Street
FHA ASSUMABLERate: 6.81%

20648 N 8TH Street

$520,900
Phoenix, AZ 85024
3 beds2 baths1,400 sqftSingle Family
The assumable advantage
6.81%
FHA assumed rate
$615 interest already paid off
Estimated Loan Balance$7,690
Cash to close$513,210
Est. Monthly PITI$360
Initial Loan Amount$7,786
Time on site20 days
Remaining Term26 years, 11 months
Seller's equity (what you pay)
$513,210
Cash or secondary financing
Monthly savings
$3,020
Versus today's market rate
Est. savings per year
$36K
Versus today's market rate

About this home

Beautifully updated & meticulously maintained, this North Central Phoenix gem offers turnkey living in one of the area's most desirable neighborhoods. The home features imported Saltillo tile, the ideal open floor plan, updated landscaping front & back, & a stunning backyard retreat w/ synthetic turf, pergola, upgraded patio fascia, & complete privacy w/ no rear neighbors. Inside, the kitchen shines with slab granite counters, refinished cabinetry, stainless steel appliances, island, & pull-out storage. The primary suite includes an upgraded en-suite bath w/ granite & modern lighting. Additional improvements include a newer water heater, new washer/dryer with 10-year warranty, ceiling fans in every room, & faux wood blinds throughout. A spacious covered patio & coy pond (currently empty)

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 $513,210. 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 feet1,400
Property typeSingle Family
MLS #7070135
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)
$52/mo
Source est. payment (PITI)
$360/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$513,210

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

$0$513,210
Additional funds needed$0

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