Properties / 7051 W LINCOLN Street
FHA ASSUMABLERate: 2.84%

7051 W LINCOLN Street

$299,000
Peoria, AZ 85345
3 beds3 baths1,744 sqftSingle Family
The assumable advantage
2.84%
FHA assumed rate
$42,140 interest already paid off
Estimated Loan Balance$293,729
Cash to close$9,805
Est. Monthly PITI$1,801
Initial Loan Amount$324,022
Time on site50 days
Remaining Term25 years, 2 months
Seller's equity (what you pay)
$5,271
Cash or secondary financing
Monthly savings
$401
Versus today's market rate
Est. savings per year
$5K
Versus today's market rate

About this home

APPROVED SHORT SALE!!! This 3 bedroom, 2.5 bathroom home offers a rare chance to secure built in equity from day one, making it one of the best values available in the area. With approximately 1,744 square feet of living space, the layout provides comfortable living, functional design, and room to grow. Located in a well established community with easy access to shopping, dining, schools, and major freeways, this property presents strong upside potential for both owner occupants and investors. Whether you are looking for a primary residence at a compelling price or a strategic investment, this short sale is an opportunity worth exploring.

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 $5,271. 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
Bathrooms3
Square feet1,744
Property typeSingle Family
MLS #6986106
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)
$1,362/mo
Source est. payment (PITI)
$1,801/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$5,271

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

$0$5,271
Additional funds needed$0

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