Properties / 6920 W MELVIN Street
FHA ASSUMABLERate: 6.02%

6920 W MELVIN Street

$365,000
Phoenix, AZ 85043
3 beds2 baths1,176 sqftSingle Family
The assumable advantage
6.02%
FHA assumed rate
$74,081 interest already paid off
Estimated Loan Balance$312,916
Cash to close$52,084
Est. Monthly PITI$2,406
Initial Loan Amount$328,932
Time on site12 days
Remaining Term26 years, 3 months
Seller's equity (what you pay)
$52,084
Cash or secondary financing
Monthly savings
$174
Versus today's market rate
Est. savings per year
$2K
Versus today's market rate

About this home

No HOA! This fully renovated 3-bedroom, 2-bath home offers an open floor plan, quartz kitchen countertops, white cabinetry, stainless-steel appliances, tile and waterproof laminate flooring throughout. Features include a new A/C system, updated bathrooms, a spacious primary walk-in closet, indoor laundry, leased solar panels and polarized windows for enhanced energy efficiency. Enjoy the massive backyard with two pergolas, perfect for relaxing and entertaining. Move-in ready and conveniently located near shopping, dining, and major roadways!

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 $52,084. 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 feet1,176
Property typeSingle Family
MLS #7073290
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)
$1,979/mo
Source est. payment (PITI)
$2,406/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$52,084

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

$0$52,084
Additional funds needed$0

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