Properties / 2062 E DOWNING Street
FHA ASSUMABLERate: 6.36%

2062 E DOWNING Street

$585,000
Mesa, AZ 85213
3 beds2 baths1,742 sqftSingle Family
The assumable advantage
6.36%
FHA assumed rate
$116,109 interest already paid off
Estimated Loan Balance$498,925
Cash to close$86,672
Est. Monthly PITI$3,922
Initial Loan Amount$520,400
Time on site36 days
Remaining Term26 years, 6 months
Seller's equity (what you pay)
$86,075
Cash or secondary financing
Monthly savings
$201
Versus today's market rate
Est. savings per year
$2K
Versus today's market rate

About this home

Welcome to this beautifully updated 3-bedroom, 2-bath Mesa home offering 1,742 square feet of stylish living on a spacious corner cul-de-sac lot with no HOA. Currently operating as a successful, fully functioning Airbnb, this move-in and rental-ready property presents an exceptional opportunity as a primary residence, vacation home, or investment. Inside, you'll find luxury vinyl flooring throughout the main living areas, updated bathrooms, a cozy brick fireplace, flexible formal living space ideal for a home office or media room, and an open-concept kitchen featuring an oversized island, custom range hood, abundant cabinetry & charming breakfast nook, new windows. The spacious primary suite offers generous walk-in closets and an updated ensuite bath. Step outside to an incredible backyard retreat....complete with a sparkling pool, covered above-ground spa beneath a pergola, putting green, artificial turf, fire pit, multiple entertaining areas, abundant seating, outdoor storage, and a private RV gate with separate parking. Additional highlights include professionally landscaped grounds, charming red brick curb appeal, an attached two-car garage with dedicated workshop space, and a prime Mesa location close to shopping, dining, parks, and freeway access. Whether you're looking for your next home or an income-producing property, this one truly has it all.

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 $86,075. 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 feet1,742
Property typeSingle Family
MLS #7061899
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)
$3,249/mo
Source est. payment (PITI)
$3,922/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$86,075

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

$0$86,075
Additional funds needed$0

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