Properties / 1117 W MICHIGAN Avenue
FHA ASSUMABLERate: 3.88%

1117 W MICHIGAN Avenue

$499,500
Phoenix, AZ 85023
4 beds2 baths2,084 sqftSingle Family
The assumable advantage
3.88%
FHA assumed rate
$78,896 interest already paid off
Estimated Loan Balance$205,067
Cash to close$295,461
Est. Monthly PITI$1,703
Initial Loan Amount$249,948
Time on site50 days
Remaining Term21 years, 2 months
Seller's equity (what you pay)
$294,433
Cash or secondary financing
Monthly savings
$1,761
Versus today's market rate
Est. savings per year
$21K
Versus today's market rate

About this home

**NO HOA | SINGLE LEVEL | 3 CAR GARAGE | CUL-DE-SAC LOT** Hard-to-find features come together in this single-level home tucked away on a cul-de-sac with the freedom of no HOA and a spacious 3 car garage. The layout offers multiple living spaces, including an open great room, a second oversized living area connected to the kitchen, and a formal dining room for everyday living or entertaining. A front bedroom, currently used as an office, features direct access from the great room, creating a flexible space for working from home, guests, or hobbies. The expansive backyard is a blank canvas, ready for a future pool, outdoor entertaining space, or custom landscaping designed to fit your vision. A storage shed is also included and conveys with the property. Conveniently located with quick access to the Loop 101, I-17, and SR-51, making it easy to reach shopping, dining, employment centers, and destinations throughout the Valley. Opportunities like this don't last.

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 $294,433. 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
Bathrooms2
Square feet2,084
Property typeSingle Family
MLS #7052853
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)
$1,185/mo
Source est. payment (PITI)
$1,703/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$294,433

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

$0$294,433
Additional funds needed$0

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