5502 E BILLINGS ST, Mesa, AZ 85205
This charming, single-level home is nestled in the sought-after Dreamland Villa, an active adult community in Mesa. Designed for easy living, this 2-bedroom, 2-bathroom home is constructed with durable slump block, ensuring low maintenance. The home's neutral paint palette and Saltillo tile flooring throughout create a warm, inviting atmosphere that's easy to personalize. The open floor plan welcomes you into a spacious living room that flows seamlessly into the galley kitchen. Here, you'll find an abundance of cabinets and counter space, a pantry for added storage, and matching white appliances, including a smooth-top electric range. The adjacent dining area is bathed in natural light, thanks to a large window that perfectly frames the serene front yard. The master bedroom is a retreat. It features a generous walk-in closet and a private ensuite bathroom, providing both comfort and privacy. In addition to the 1-car carport, the home boasts an attached 1-car garage with an extra storage area, perfect for keeping your belongings organized. The garage also houses a dedicated laundry area complete with a utility sink. Step outside to the expansive backyard, where desert landscaping is maintained by a new drip system, ensuring water efficiency. The large covered patio is an ideal spot for outdoor relaxation or entertaining guests. A versatile storage shed in the backyard offers the potential to be converted into a home office or hobby space. Living in Dreamland Villa means access to a vibrant community lifestyle. The activity center and recreation room offer memberships to amenities like a pool, spa, tennis courts, craft room, and gym, ensuring that there's always something to do. This home is perfect for those seeking a peaceful, low-maintenance lifestyle with plenty of opportunities for leisure and social activities.
You may be able to put down less than the total down payment amount of $91,521 and have the rest of the funds financed with a 2nd mortgage from a lender. 4
Location
Details
How it works
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Tour
Whether you have an agent or you’re just starting your search, reach out to us and we’ll help set up a home tour.
Offer
Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.
Close
Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.
Who can qualify
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
Frequently asked questions
What is Roam?
Roam is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
What is an assumable mortgage?
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
Why is an assumable mortgage valuable?
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
Will an assumption work for me?
An assumption might be a suitable option for you if you meet the lender’s qualifications. We also offer Roam Boost to help buyers reduce the down payment required to a minimum of 5-15%. See below for more FAQs specific to Roam Boost.
Why do buyers use Roam?
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Roam helps home buyers find and purchase homes with a low-rate assumable mortgage included. Once you find your dream home, Roam manages the process of assuming a low-interest rate mortgage, helping buyers save thousands a year on mortgage payments compared to buying with a traditional mortgage at today’s rates. On average, buyers who use Roam save $15,000 in mortgage payments annually.
MLS ID: #6747383