3131 W Elm St, Phoenix, AZ 85017
4 beds · 2 baths · sqft
Short sale approval required. Welcome to 3131 W Elm! This beautiful fully remodeled home boasts a fresh, modern look and is ideally situated with convenient access to major highways, making it a perfect blend of style and location. Step into this inviting layout, featuring a sleek refreshed kitchen and bathroom adding a touch of luxury to your everyday routine. Each room has been thoughtfully redesigned, blending comfort and sophistication to create a truly move-in-ready space. New roof & A/C (2024). Beyond the front door, you'll find incredible convenience in this prime location. Just across Camelback Road lies Grand Canyon University and its stadium, perfect for college sports fans or those looking to invest in a property with strong rental potential. A short walk away, Cielito Park provides a variety of sports facilities, a community pool, and a playground for outdoor enjoyment. Just a quick drive further, you can explore the natural beauty of Encanto Park with its golf course and fishing spots, or take in the 32-acre green space of Margaret T. Hance Park, featuring scenic walking trails, fitness meetups, and lively cultural and music festivals. Shopping and entertainment options abound at Christown Spectrum Mall, with convenient access to stores such as Walmart, Target, restaurants and a movie theater. The nearby Melrose District offers an electric mix of antique shops, art, dining, and nightlife as well as the annual M7 street fair. Easy access to the I-17, 60, and I-10 highways makes commuting simple, and downtown phoenix is only about 15 minutes away. With its prime location and beautiful remodel, this home presents an incredible opportunity - act fast before it's gone!
Source: ARMLS #6782668
Interest rate and monthly payment estimated based on public records.
Source: ARMLS #6782668
Source: Public records
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Whether you have an agent or you’re just starting your search, reach out to us and we’ll help set up a home tour.
Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.
Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.
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.
What is Roam?
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.
What is an assumable mortgage?
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.
Why is an assumable mortgage valuable?
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.
How can you find assumable mortgage listings?
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 “Get Notified” 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.
How do I qualify for an assumable mortgage?
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.
MLS ID: #6782668
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