Properties / 7040 W OLIVE Avenue
FHA ASSUMABLERate: 2.77%

7040 W OLIVE Avenue

$239,000
Peoria, AZ 85345
2 beds1 baths852 sqftSingle Family
The assumable advantage
2.77%
FHA assumed rate
$23,826 interest already paid off
Estimated Loan Balance$142,740
Cash to close$97,935
Est. Monthly PITI$963
Initial Loan Amount$161,986
Time on site50 days
Remaining Term24 years, 4 months
Seller's equity (what you pay)
$96,260
Cash or secondary financing
Monthly savings
$737
Versus today's market rate
Est. savings per year
$9K
Versus today's market rate

About this home

PRICE REDUCED! Rare standalone townhome across from community pool & spa! Don't miss this rare opportunity to own a charming 2 bedroom, 1 bath standalone townhome ideally located directly across from the community pool and spa. This inviting home features an open-concept kitchen and living area, perfect for everyday living or entertaining. Recent updates include luxury vinyl plank flooring installed in 2024 and a new water heater in 2025, offering modern style and peace of mind. The primary bedroom includes a private patio exit and overlooks the peaceful greenbelt, while the front bedroom enjoys views of the pool area. The bathroom features dual entry access, adding convenience and functionality. All appliances are included: -Refrigerator -Stainless steel flat-top range -Built-in microwave -Dishwasher -Newer stackable washer & dryer (2022) Step outside to relax on the enclosed back patio adjacent to the greenbelt, perfect for quiet mornings or entertaining guests. Residents also enjoy easy access to the community pool and spa just steps away. Located in a highly convenient area near shopping, dining, and Glendale Community College, this home combines comfort, updates, and an excellent location. A truly special property -- must see!

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 $96,260. 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
Bathrooms1
Square feet852
Property typeSingle Family
MLS #6994015
CountyMaricopa County
Assumable loanFHA
Tour this home
In person or virtual.
Prefer virtual tour?
Free · No commitment · Typical reply in 15 min
Investor?
FHA is primary-residence only. But Jeff has VA assumables in the same area.
Jeff Salazar
Active now · (602) 332-3860
Call

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)
$672/mo
Source est. payment (PITI)
$963/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$96,260

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

$0$96,260
Additional funds needed$0

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