We're itching to see Microsoft's first flagship smartphone, but it appears the software giant is focusing its efforts on affordable handsets for now. We've already seen the Lumia 535 — the first Lumia smartphone with a Microsoft logo — and now another entry-level device called the Lumia 435 has leaked out ahead of its official unveiling.

The Lumia 435 will become Microsoft's first 400-series device, and it's going to be even more affordable than the Lumia 535, Nokia Power User reports. It reminds us of Nokia's cheap, Android-powered Nokia X handsets, so perhaps this is Microsoft's answer to those.

The device is expected to be available globally in both single- and dual-SIM variants, but when it will actually arrive remains a mystery at this point. As you can see from the image above, however, this handset appears to be more than just a rumor at this point, with evidence of it already appearing in FCC filings.

The Lumia 435 will reportedly come with a 4-inch display with an 800×480 resolution, and it will be slightly smaller than the Lumia 535 — measuring 118.1mm tall and 64.7mm wide (versus 119.7mm tall and 62.3mm wide). The device is to be powered by a Snapdragon 200 processor, and will have a 5-megapixel camera on its back.

Aimed predominantly at emerging markets but likely appearing in Europe and the U.S., too, the Lumia 435 will deliver the latest Windows Phone software for smartphone consumers on a strict budget. The handset seems to be fairly close to launching now, but we don't expect to see it until early next year.