Affordable Homes for Sale in Arvada, CO

Affordable homes in Arvada: the numbers this week

Cheap homes in Arvada are condos and townhomes: 93 percent of the 85 listings under $400,000 carry an HOA, median $400 a month, and that line decides the payment as much as the price does. The grid above is every one of them, updated daily; the charts below show where they are, what they cost a month and which programs bring the cash to about $1,000.

The full payment on the median affordable Arvada home is about $2,645 a month, which a lender approves at about $106,000 a year of income at 30 percent, or $71,000 at 45 percent. Under $300,000 it is a one- or two-bedroom condo of about 1,015 square feet. The first townhomes with a garage appear in the $300,000s, and a detached house under $400,000 is rare and sells in days.

How the price comes down in Arvada

• CHFA assistance: 3 percent grant or 4 percent second mortgage, 620 score, income under $178,920, repeat buyers welcome. The program and the $1,000 cash-to-close math.
• metroDPA: Jefferson County is a member; 0 percent second, no payments.
• Arvada Housing Authority: a small deed-restricted program; ask us what is open.
• HUD homes at $100 down: Arvada HUD homes, when one is listed.
• Rent-to-own, priced honestly: Arvada rent-to-own homes and why assistance beats it.

Related Arvada searches

Arvada starter homes · Arvada condos · Arvada townhomes · Arvada 2-bedroom homes · Arvada 3-bedroom homes · Arvada fixer-uppers · Arvada foreclosures · Arvada homes that pass FHA · All Arvada homes for sale. Nearby: Westminster (76 under $400,000), Wheat Ridge (20 under $400,000), Golden (41 under $400,000), Lakewood (146 under $400,000). Statewide: affordable homes in Colorado, the Denver affordable homes guide.

Questions people ask about affordable homes in Arvada

Where are the cheapest homes for sale in Arvada?

In Arvada Plaza and Lamar Heights, Lake Arbor and Pomona and Alta Vista and west of Olde Town. ZIP 80003 alone holds 34 of the 85 Arvada homes under $400,000 this week, and the top three ZIPs hold 79 percent. The map above shows every one; the ZIP pages start with 80003.

What does $300,000 buy in Arvada today?

Under $300,000 it is a one- or two-bedroom condo of about 1,015 square feet. The first townhomes with a garage appear in the $300,000s, and a detached house under $400,000 is rare and sells in days. 49 Arvada homes are listed under $300,000 this week and 18 under $250,000.

How much is the monthly payment on an affordable Arvada home?

About $2,645 on the $295,000 median with an FHA loan at 7 percent and 3.5 percent down: $1,894 principal and interest, $400 HOA, $123 taxes, $130 mortgage insurance, $98 insurance. A lender approves that payment at about $106,000 a year of income. Run your own numbers on can I afford a home now.

How much cash do I need to buy a cheap home in Arvada?

About $1,000 with CHFA assistance: the 3 percent grant covers the FHA down payment ($10,325 on the median), the seller pays closing costs through the offer, and the earnest money comes back at closing. Without assistance it is about $15,825. The worked example is on $1,000 cash to close; the rules on CHFA down payment assistance.

Which down payment programs work in Arvada?

CHFA statewide (620 score, income under $178,920, 3 percent grant or 4 percent second mortgage). metroDPA: Jefferson County is a member; 0 percent second, no payments. Arvada Housing Authority: a small deed-restricted program; ask us what is open. Every program and its catch is on affordable homes in Colorado.

Are there HUD homes or foreclosures in Arvada?

HUD homes sell as-is at HUD's appraised price with a $100 down option on an FHA loan; Colorado has 26 this week and the list changes every Monday on Arvada HUD homes. Bank-owned and fixer listings are on Arvada foreclosures and Arvada fixer-uppers.

Is rent-to-own cheaper in Arvada?

No. A lease-option on a $300,000 home takes about $9,000 up front plus a rent premium, with no title until the end, where CHFA puts you on title now for about $1,000 at a 620 score. The side-by-side is on Arvada rent-to-own homes.