Properties / 1622 N 16TH Avenue
VA ASSUMABLERate: 4.67%

1622 N 16TH Avenue

$509,000
Phoenix, AZ 85007
2 beds2 baths1,444 sqftSingle Family
The assumable advantage
4.67%
VA assumed rate
$86,465 interest already paid off
Estimated Loan Balance$419,983
Cash to close$89,713
Est. Monthly PITI$2,631
Initial Loan Amount$451,000
Time on site13 days
Remaining Term25 years, 9 months
Seller's equity (what you pay)
$89,017
Cash or secondary financing
Monthly savings
$663
Versus today's market rate
Est. savings per year
$8K
Versus today's market rate

About this home

Don't miss this opportunity to own a charming home in Phoenix's historic Fairview Place District featuring an assumable VA loan and a brand-new AC system! This unique property offers a total of 1,669 sq. ft., including a 1,444 sq. ft. main house with 2 bedrooms and 1 bathroom, plus a 225 sq. ft. detached guest house with its own private bathroom. The inviting curb appeal showcases a manicured lawn, mature shade trees, and a welcoming front porch. Inside, you'll find beautiful wood flooring, fresh interior paint, and a cozy living room filled with character. The spacious family room features French doors that open to the backyard and a gas fireplace that adds warmth and ambiance. A large formal dining room provides the perfect setting for entertaining family and friends. The upgraded kitchen is equipped with granite countertops, a tile backsplash, stainless steel appliances, and abundant cabinet space. The detached guest quarters feature vaulted ceilings and a private ensuite bath, making them ideal for guests, a home office, or potential rental income through short-term or long-term rentals. Step outside to enjoy the peaceful backyard, complete with a paved patio, grassy area, mature shade tree, and storage shed. This property combines historic charm, modern upgrades, and excellent income potential in one of Phoenix's most desirable historic neighborhoods.

How assumption works for this home

Can I assume this VA loan?

Yes, as long as you meet the lender's credit (620+) and DTI requirements. You do NOT need to be a veteran to assume a VA loan — this is a common misconception.

How much cash do I actually need?

You need to cover the seller's equity of $89,017. If you don't have that in cash, we can help structure secondary financing to cover the gap.

Can investors assume this one?

Yes — VA assumptions can be used for investment properties. You can rent this home out.

How long does this take?

Typically 45 days. The lender underwriting is 2–3 weeks, and the rest is standard closing.

Property details

Bedrooms2
Bathrooms2
Square feet1,444
Property typeSingle Family
MLS #7073135
CountyMaricopa County
Assumable loanVA
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Investor?
This VA loan can be assumed and rented. Talk to Jeff about the ROI math.
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)
$2,339/mo
Source est. payment (PITI)
$2,631/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$89,017

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

$0$89,017
Additional funds needed$0

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