Properties / 640 S 29TH Drive
FHA ASSUMABLERate: 2.81%

640 S 29TH Drive

$299,900
Show Low, AZ 85901
3 beds2 baths1,281 sqftSingle Family
The assumable advantage
2.81%
FHA assumed rate
$22,346 interest already paid off
Estimated Loan Balance$137,997
Cash to close$162,543
Est. Monthly PITI$943
Initial Loan Amount$156,120
Time on site50 days
Remaining Term24 years, 8 months
Seller's equity (what you pay)
$161,903
Cash or secondary financing
Monthly savings
$1,122
Versus today's market rate
Est. savings per year
$13K
Versus today's market rate

About this home

Updated 3-bed, 2-bath home in the Park Valley neighborhood of Show Low, freshly painted with 2025-2026 updates and ready to move in. This 1,280 sq ft home sits on a 0.13-acre lot shaded by tall pines and features vaulted ceilings throughout. The split-bedroom layout keeps the primary suite on its own end, complete with an eat-in kitchen, a spacious primary bath with double vanity, and plenty of privacy. Outside, enjoy a covered deck, a detached carport, a separate outbuilding, and a 30-amp RV hookup in front. Close to McCarty Park.

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 $161,903. 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 feet1,281
Property typeSingle Family
MLS #7047825
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)
$647/mo
Source est. payment (PITI)
$943/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$161,903

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

$0$161,903
Additional funds needed$0

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