Properties / 3505 E PHELPS Street
FHA ASSUMABLERate: 6.26%

3505 E PHELPS Street

$499,000
Gilbert, AZ 85295
3 beds2 baths1,654 sqftSingle Family
The assumable advantage
6.26%
FHA assumed rate
$94,623 interest already paid off
Estimated Loan Balance$434,166
Cash to close$66,397
Est. Monthly PITI$3,297
Initial Loan Amount$451,569
Time on site50 days
Remaining Term26 years, 7 months
Seller's equity (what you pay)
$64,834
Cash or secondary financing
Monthly savings
$146
Versus today's market rate
Est. savings per year
$2K
Versus today's market rate

About this home

Welcome to Gilbert's Chandler Ginning community, near Higley and Pecos, where daily life feels easy because so much is close by. This single level 3 bedroom, 2 bathroom home sits in one of Gilbert's most convenient pockets with quick access to SanTan Village, Agritopia's Epicenter, parks, dining, shopping, recreation, and everyday essentials. The home is positioned on a desirable corner lot with north/south exposure, a 2 car garage, mature trees, desert style front landscaping, and a spacious covered back patio. Inside, the home has been refreshed with all new custom interior paint, updated laminate wood flooring in the main living areas, new granite counters in the kitchen, black appliances, and more, giving the space a clean and current feel throughout.throughout. The floor plan features vaulted ceilings, a welcoming living area, and a family room with a gas fireplace. The kitchen offers recessed lighting, pantry storage, replaced sink, faucet, dishwasher, stove, updated plumbing, and plenty of functional cabinet and counter space. The primary suite is light and bright with views of the back yard, a walk-in closet, dual sinks, a separate soaking tub, and private toilet room. Beyond the cosmetic updates, the home also offers thoughtful functional improvements including plumbing updates, water heater and water softener maintenance, roof work, drainage improvements, repaired gates and fencing, updated locks, and a side dog run with a dog door. The single level layout, no interior steps, open living spaces, and easy indoor-outdoor flow make the home feel comfortable and practical for everyday living. The backyard adds even more to love with lush grass, many mature fruit trees and room to enjoy outdoor living. The community also offers access to biking and walking paths, plus a children's playground right across the street. The location is a major standout. Spend the day shopping or dining at SanTan Village, meet friends for coffee, dinner, or a local event at Agritopia's Epicenter, enjoy nearby parks and walking paths, or take advantage of quick access to the growing southeast Gilbert corridor. From restaurants and retail to recreation, schools, commuter routes, and daily conveniences, this home keeps you connected to the places people love most about Gilbert while still offering the comfort of an established neighborhood setting. This is a refreshed Gilbert home with meaningful updates already done, a desirable single level layout, a corner lot, mature fruit trees, and a location that keeps you close to the best of Gilbert.

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 $64,834. 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 feet1,654
Property typeSingle Family
MLS #7042346
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)
$2,797/mo
Source est. payment (PITI)
$3,297/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$64,834

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

$0$64,834
Additional funds needed$0

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