Properties / 340 N 62ND Street N
FHA ASSUMABLERate: 6.9%

340 N 62ND Street N

$290,000
Mesa, AZ 85205
2 beds2 baths1,325 sqftSingle Family
The assumable advantage
6.9%
FHA assumed rate
$54,956 interest already paid off
Estimated Loan Balance$208,377
Cash to close$82,083
Est. Monthly PITI$1,812
Initial Loan Amount$216,727
Time on site50 days
Remaining Term26 years, 4 months
Seller's equity (what you pay)
$81,623
Cash or secondary financing
Monthly savings
$278
Versus today's market rate
Est. savings per year
$3K
Versus today's market rate

About this home

Beautifully updated 2-bedroom home in a desirable FUN age-restricted community with LOW HOA , a sparkling heated community pool and a fun clubhouse for group activities. This home features OWNED SOLAR for energy efficiency and long-term savings. Inside you'll find a stunning kitchen with granite counters, and adorable custom baths that add charm and character to this home. You'll love the ample storage in the garage, workshop/shed and HUGE inside laundry room. Outside you'll find a fully fenced yard, perfect for pets, entertaining, or simply relaxing in your own private outdoor retreat to enjoy Arizona living year-round.

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 $81,623. 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

Bedrooms2
Bathrooms2
Square feet1,325
Property typeSingle Family
MLS #7042983
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)
$1,432/mo
Source est. payment (PITI)
$1,812/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$81,623

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

$0$81,623
Additional funds needed$0

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