2434 N 37th Way Phoenix, AZ 85008
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About this home
Fantastic opportunity to own in one of Phoenix's most desirable lifestyle hubs, Arcadia Lite. Nestled just west of Papago Park and minutes from top destinations like Old Town Scottsdale, the Biltmore District, and Downtown Phoenix, this charming mid-century home offers the perfect blend of location, livability, and value. FHA Assumable Loan available at an incredible 2.25% interest rate and approx. $221,000 balance. offering a rare chance to secure lower monthly payments of approx. $1390 and significant long-term savings compared to current rates. With 3 bedrooms and 1 bathroom across 1,129 square feet, this single-level residence sits on a quiet street lined with mature trees and friendly neighbors. The layout is efficient and filled with natural light, offering a cozy yet functional space ready for your personal touch. Whether you're a first-time buyer, investor, or someone seeking a stylish downsizing opportunity, this property delivers an unbeatable location at an approachable price. Step outside and you're within minutes of the area's most iconic local favorites, La Grande Orange Grocery, Ingo's Tasty Food, The Porch, and more. Enjoy early morning bike rides on the Arizona Canal Trail, afternoon hikes at Papago Park, or laid-back weekends exploring the vibrant dining and shopping scenes that define Arcadia Lite. The property features a large backyard, ripe for landscaping or expansion, and a carport for covered parking. The neighborhood has highly regarded schools including Tavan Elementary and Arcadia High, and is also home to popular charter and private options. With walkable streets, easy transit access, and rising neighborhood home values, this is not just a home, it's a smart investment in lifestyle and location. New duct work and central AC unit installed July 2022. Don't miss your chance to own a piece of Arcadia Lite.
Source: ARMLS #6933265
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FAQs
Roam is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
Roam has compiled available listings with low-rate assumable mortgages for you to browse. To get started, enter the city, state, zip code, or school district you’re interested in purchasing in. Utilize the search filters to narrow down your search. Click “Save search” to save your search preferences and activate listing notifications—we’ll email you as soon as new listings match your criteria.
Once you’ve found your dream home and ready to make an offer, schedule a call with a Roam Advisor directly from the listing. Your Roam Advisor will guide you through each step of the process, while also working directly with your agent, the servicer, and the seller to ensure you close on time.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
Roam is committed to and abides by the Fair Housing Act and Equal Opportunity Act.