Properties / 7362 N 38TH Avenue
FHA ASSUMABLERate: 3.49%

7362 N 38TH Avenue

$449,000
Phoenix, AZ 85051
3 beds2 baths1,610 sqftSingle Family
The assumable advantage
3.49%
FHA assumed rate
$50,536 interest already paid off
Estimated Loan Balance$204,504
Cash to close$245,421
Est. Monthly PITI$1,443
Initial Loan Amount$235,580
Time on site50 days
Remaining Term23 years, 6 months
Seller's equity (what you pay)
$244,496
Cash or secondary financing
Monthly savings
$1,584
Versus today's market rate
Est. savings per year
$19K
Versus today's market rate

About this home

Rare opportunity on a huge 13,569 sq ft cul-de-sac lot with an RV gate and NO HOA! This 3 bedroom, 2 bath home offers updated tile flooring, new carpet, newer windows, and a newer A/C for added comfort and efficiency. The kitchen features a gas cooktop, while the massive great room with a fireplace provides plenty of space for gathering and entertaining. A large laundry room adds convenience and extra storage. Step outside to your backyard retreat featuring a sparkling pool, covered patio, gazebo, expansive grass area, and room to play or entertain. The insulated workshop with electricity is perfect for hobbies, projects, or additional storage. Conveniently located near shopping, dining, and freeway access, this property offers the freedom of no HOA with room for all your hobbies.

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 $244,496. 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 feet1,610
Property typeSingle Family
MLS #7052564
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)
$1,064/mo
Source est. payment (PITI)
$1,443/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$244,496

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

$0$244,496
Additional funds needed$0

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