5502 E Billings St, Mesa, AZ 85205
2 beds · 2 baths · 945 sqft
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.
Source: ARMLS #6747383
Interest rate and monthly payment estimated based on public records.
Source: ARMLS #6747383
Source: Public records
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
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.
Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.
Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless closing.
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.
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.
How can you find assumable mortgage listings?
Roam has compiled available listings with low-rate assumable mortgages for you to browse. To get started, enter the city, state, zip code, or school district you’re interested in purchasing in. Utilize the search filters to narrow down your search. Click “Get Notified” to save your search preferences and activate listing notifications—we’ll email you as soon as new listings match your criteria.
Once you’ve found your dream home and ready to make an offer, schedule a call with a Roam Advisor directly from the listing. Your Roam Advisor will guide you through each step of the process, while also working directly with your agent, the servicer, and the seller to ensure you close on time.
How do I qualify for an assumable mortgage?
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.
MLS ID: #6747383
