Affordable Homes for Sale in Colorado Springs, CO

Questions people ask about affordable homes in Colorado Springs

Where are the cheapest homes for sale in Colorado Springs?

In Palmer Park and Rustic Hills, Pikes Peak Park and the airport side and Stratmoor Hills and Deerfield Hills. The grid below lists every match live from the MLS, and the market stats under it show today's median price and price per square foot. The map above shows every one; the ZIP pages start with 80909.

What does $300,000 buy in Colorado Springs today?

Under $300,000 it is a condo or an older two-bedroom house; $300,000 to $400,000 is where the three-bedroom houses and the newer townhomes with a garage start, about 1,324 square feet at the median. The grid below lists every match live from the MLS, and the market stats under it show today's median price and price per square foot.

How much is the monthly payment on an affordable Colorado Springs home?

About $2,499 on the $330,000 median with an FHA loan at 7 percent and 3.5 percent down: $2,119 principal and interest, $124 taxes, $146 mortgage insurance, $110 insurance. A lender approves that payment at about $100,000 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 Colorado Springs?

About $1,000 with CHFA assistance: the 3 percent grant covers the FHA down payment ($11,550 on the median), the seller pays closing costs through the offer, and the earnest money comes back at closing. Without assistance it is about $17,050. The worked example is on $1,000 cash to close; the rules on CHFA down payment assistance.

Which down payment programs work in Colorado Springs?

CHFA statewide (620 score, income under $178,920, 3 percent grant or 4 percent second mortgage). El Paso County Turnkey Plus: the county's down payment grant program for buyers under the income limit, usable across the Springs and Fountain. Military routes: VA with zero down is the biggest lever here; five installations put a VA buyer in nearly every building on the east side. Every program and its catch is on affordable homes in Colorado.

Are there HUD homes or foreclosures in Colorado Springs?

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 Colorado Springs HUD homes. Bank-owned and fixer listings are on Colorado Springs foreclosures and Colorado Springs fixer-uppers.

Is rent-to-own cheaper in Colorado Springs?

No. A lease-option on a $330,000 home takes about $10,000 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 Colorado Springs rent-to-own homes.