Properties / 5612 S 242ND Lane
FHA ASSUMABLERate: 6.94%

5612 S 242ND Lane

$385,888
Buckeye, AZ 85326
3 beds2 baths1,402 sqftSingle Family
The assumable advantage
6.94%
FHA assumed rate
$57,350 interest already paid off
Estimated Loan Balance$351,426
Cash to close$35,824
Est. Monthly PITI$2,859
Initial Loan Amount$358,378
Time on site50 days
Remaining Term27 years, 9 months
Seller's equity (what you pay)
$34,462
Cash or secondary financing
Monthly savings
$0
Versus today's market rate
Est. savings per year
$0K
Versus today's market rate

About this home

Situated on an oversized corner lot, this 3-bedroom, 2-bath home features an open great room layout. The kitchen has white shaker cabinets, stainless appliances, granite countertops, a pantry, and an island with breakfast bar and pendant lights. You'll love the backyard with a fabulous Kokomo kitchen covered by a large pergola with ceiling fan, extensive paver patios for seating areas, easy-care artificial turf, and no backyard neighbors. The primary bedroom has an en-suite bath and walk-in closet. Other features include custom designer wall treatments, ceiling fans, stone exterior elevation, a 2-car garage, and leased solar panels providing utility savings. Community amenities include walking paths, sport courts, and playgrounds.

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 $34,462. 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

Bedrooms3
Bathrooms2
Square feet1,402
Property typeSingle Family
MLS #7027149
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)
$2,381/mo
Source est. payment (PITI)
$2,859/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$34,462

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

$0$34,462
Additional funds needed$0

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