Properties / 5059 W VERNON Avenue
FHA ASSUMABLERate: 2.86%

5059 W VERNON Avenue

$355,000
Phoenix, AZ 85035
3 beds2 baths1,200 sqftSingle Family
The assumable advantage
2.86%
FHA assumed rate
$39,856 interest already paid off
Estimated Loan Balance$277,388
Cash to close$78,232
Est. Monthly PITI$1,717
Initial Loan Amount$309,294
Time on site8 days
Remaining Term25 years, 3 months
Seller's equity (what you pay)
$77,612
Cash or secondary financing
Monthly savings
$807
Versus today's market rate
Est. savings per year
$10K
Versus today's market rate

About this home

Charming 3-bedroom, 2-bath home offering approximately 1,200 sq. ft. and freshly painted throughout! Perfect for a first-time homebuyer, featuring a spacious kitchen, comfortable living areas, and a large backyard with plenty of room to entertain. Conveniently located just minutes from the I-10 freeway, shopping, dining, and more. Separate detached room in the backyard! Don't miss this great opportunity!

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 $77,612. 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 feet1,200
Property typeSingle Family
MLS #7074546
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)
$1,287/mo
Source est. payment (PITI)
$1,717/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$77,612

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

$0$77,612
Additional funds needed$0

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