Properties / 5218 E Covina Road
FHA ASSUMABLERate: 6.64%

5218 E Covina Road

$265,000
Mesa, AZ 85205
2 beds1 baths913 sqftSingle Family
The assumable advantage
6.64%
FHA assumed rate
$3,056 interest already paid off
Estimated Loan Balance$18,782
Cash to close$246,239
Est. Monthly PITI$343
Initial Loan Amount$19,315
Time on site29 days
Remaining Term26 years, 7 months
Seller's equity (what you pay)
$246,218
Cash or secondary financing
Monthly savings
$1,437
Versus today's market rate
Est. savings per year
$17K
Versus today's market rate

About this home

BANK APPROVED SHORT SALE! The best part of a new chapter is spending more time enjoying life and less time working on your home. Tucked within the desirable Dreamland Villa 55+ community, this beautifully updated residence offers the perfect balance of comfort, style, and low-maintenance living in one of Mesa's most established neighborhoods. From the moment you arrive, you'll notice the pride of ownership and thoughtful improvements that make this home truly move-in ready. Inside, bright and inviting living spaces create an atmosphere that's both comfortable and functional. The updated kitchen serves as the heart of the home, blending modern finishes with everyday practicality, while the renovated living areas provide the perfect setting for everything from quiet mornings to hosting family and friends. Every improvement has been made with today's lifestyle in mind, creating a home that feels refreshed, welcoming, and ready for its next owners. The bedrooms offer peaceful retreats at the end of the day, while the updated bathroom adds a touch of modern comfort. Step outside to discover multiple patio spaces and a private backyard that invite you to enjoy Arizona's beautiful weather year-round--whether it's sipping coffee in the morning, tending to a garden, or unwinding beneath a colorful desert sunset. Life in Dreamland Villa is about more than just the home. Residents have the opportunity to enjoy a wide variety of voluntary community amenities, including swimming pools, spas, pickleball, fitness facilities, hobby clubs, woodworking, social events, and countless activities that make it easy to stay active and connected. Conveniently located near shopping, dining, golf, medical facilities, and freeway access, this home offers the perfect combination of comfort, convenience, and lifestyle. Beautifully updated, thoughtfully maintained, and ready for its next chapter, this is more than a home--it's an opportunity to enjoy everything that makes Arizona living so special.

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 $246,218. 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 feet913
Property typeSingle Family
MLS #7063533
CountyMaricopa County
Assumable loanFHA
Tour this home
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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
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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)
$126/mo
Source est. payment (PITI)
$343/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$246,218

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

$0$246,218
Additional funds needed$0

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