Properties / 7228 S 42ND Drive
FHA ASSUMABLERate: 3.1%

7228 S 42ND Drive

$439,000
Phoenix, AZ 85041
4 beds3 baths2,238 sqftSingle Family
The assumable advantage
3.1%
FHA assumed rate
$51,535 interest already paid off
Estimated Loan Balance$337,890
Cash to close$101,836
Est. Monthly PITI$2,213
Initial Loan Amount$374,440
Time on site15 days
Remaining Term25 years, 4 months
Seller's equity (what you pay)
$101,110
Cash or secondary financing
Monthly savings
$983
Versus today's market rate
Est. savings per year
$12K
Versus today's market rate

About this home

Your new home awaits! This fantastic home is located in the beautiful and well maintained subdivision of Arlington Estates in Phoenix. The front yard has attractive no-maintenance landscaping. The backyard has a covered patio, lots of space, and a clean slate to landscape however you like. Downstairs is a full bedroom, large living room, and tile flooring. The kitchen offers quartz countertops, breakfast bar, eat in area, pantry, tons of cabinet storage space, and stainless steel appliances. Upstairs is the primary bedroom, laundry room, enormous loft, and 3 additional secondary bedrooms. It's the sort of home that is sure to please. The area is dotted with more great parks and greenbelts than you can count. Come see this gem for yourself!

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 $101,110. 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

Bedrooms4
Bathrooms3
Square feet2,238
Property typeSingle Family
MLS #7071917
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)
$1,606/mo
Source est. payment (PITI)
$2,213/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$101,110

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

$0$101,110
Additional funds needed$0

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