Properties / 5502 E BUTTE Street
VA ASSUMABLERate: 5.41%

5502 E BUTTE Street

$360,000
Mesa, AZ 85205
3 beds2 baths1,502 sqftSingle Family
The assumable advantage
5.41%
VA assumed rate
$68,422 interest already paid off
Estimated Loan Balance$309,045
Cash to close$53,152
Est. Monthly PITI$2,072
Initial Loan Amount$325,314
Time on site50 days
Remaining Term26 years, 1 month
Seller's equity (what you pay)
$50,955
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

Corner Lot & Move-in Ready in 55+ Community Dreamland Villa! Completely remodeled in 2022, this 3-bedroom home features major upgrades including a new roof, water heater, kitchen appliances & washer / dryer. Inside, the spacious living & dining area flows into the updated kitchen with stainless steel appliances, tile backsplash, extra cabinetry & a large pantry. Just off the kitchen, the oversized Arizona room was updated in 2025 with leveled flooring, new flooring & a new back door, providing flexible space for a family room, office, hobby room or whatever best fits your needs. Additional improvements include 8 updated E Z Glass windows installed in 2023, new closets added to all three bedrooms, interior & exterior paint in 2025 & a new laundry room door. The backyard is a great size with a blank slate for customization, plus a newly added utility shed & separate garden shed, along with an RV gate offering RV access & parking; the front yard features a newly added 2-car carport. Situated on a corner lot with close proximity to Dreamland Villa's voluntary HOA amenities, including pools, spa, pickleball courts, bocce ball, workout facility & community hall. Conveniently located with easy access to the US 60, plus nearby shopping, dining & recreation.

How assumption works for this home

Can I assume this VA loan?

Yes, as long as you meet the lender's credit (620+) and DTI requirements. You do NOT need to be a veteran to assume a VA loan — this is a common misconception.

How much cash do I actually need?

You need to cover the seller's equity of $50,955. If you don't have that in cash, we can help structure secondary financing to cover the gap.

Can investors assume this one?

Yes — VA assumptions can be used for investment properties. You can rent this home out.

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 feet1,502
Property typeSingle Family
MLS #7004559
CountyMaricopa County
Assumable loanVA
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Investor?
This VA loan can be assumed and rented. Talk to Jeff about the ROI math.
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)
$1,845/mo
Source est. payment (PITI)
$2,072/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$50,955

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

$0$50,955
Additional funds needed$0

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