Properties / 6446 E COVINA Road
FHA ASSUMABLERate: 3.7%

6446 E COVINA Road

$285,000
Mesa, AZ 85205
2 beds1 baths1,114 sqftSingle Family
The assumable advantage
3.7%
FHA assumed rate
$32,378 interest already paid off
Estimated Loan Balance$121,899
Cash to close$163,371
Est. Monthly PITI$931
Initial Loan Amount$140,409
Time on site35 days
Remaining Term23 years, 5 months
Seller's equity (what you pay)
$163,101
Cash or secondary financing
Monthly savings
$1,032
Versus today's market rate
Est. savings per year
$12K
Versus today's market rate

About this home

No HOA, no age restriction. Rare home nestled in a quiet neighborhood in Mesa. 2 bed 1 bath home offers great opportunity to a wide variety of buyers. Great potential for a backyard getaway and a cute front garden space located off the front dining area. Great location to access many main roads making easy commuting. Main bedroom has a large counter and a sink for extra room to get ready for your day. Vacant and ready to show!

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 $163,101. 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

Bedrooms2
Bathrooms1
Square feet1,114
Property typeSingle Family
MLS #7063085
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)
$649/mo
Source est. payment (PITI)
$931/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$163,101

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

$0$163,101
Additional funds needed$0

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