Properties / 6216 E COVINA Street
FHA ASSUMABLERate: 6.35%

6216 E COVINA Street

$410,000
Mesa, AZ 85205
3 beds2 baths1,469 sqftSingle Family
The assumable advantage
6.35%
FHA assumed rate
$18,957 interest already paid off
Estimated Loan Balance$324,428
Cash to close$85,572
Est. Monthly PITI$2,436
Initial Loan Amount$327,228
Time on site6 days
Remaining Term29 years, 2 months
Seller's equity (what you pay)
$85,572
Cash or secondary financing
Monthly savings
$380
Versus today's market rate
Est. savings per year
$5K
Versus today's market rate

About this home

Welcome home to this recently updated 3-bedroom, 2-bath home with NO HOA! The updated kitchen features modern finishes, a spacious island, and a cozy breakfast nook, all opening to the main living area and covered patio for easy indoor-outdoor living. A beautiful stone-wall fireplace adds warmth and character to the living space. Step outside to your own Arizona backyard retreat with a refreshing play pool and plenty of room to relax or entertain. Conveniently located in an established Mesa neighborhood near schools, shopping, dining, and major routes, this home offers modern updates, comfortable living, and great value.

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 $85,572. 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 feet1,469
Property typeSingle Family
MLS #7072979
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)
$2,038/mo
Source est. payment (PITI)
$2,436/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$85,572

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

$0$85,572
Additional funds needed$0

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