Affordable Homes for Sale in Colorado Springs, CO

Affordable homes in Colorado Springs: the numbers this week

Cheap homes in Colorado Springs split between condos with dues and small houses without: 49 percent of the 1,151 listings under $400,000 carry an HOA, median $305 a month, so the same price buys two different payments. 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 Colorado Springs home is about $2,499 a month, which a lender approves at about $100,000 a year of income at 30 percent, or $67,000 at 45 percent. 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.

How the price comes down in Colorado Springs

• 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.
• 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.
• HUD homes at $100 down: Colorado Springs HUD homes, when one is listed.
• Rent-to-own, priced honestly: Colorado Springs rent-to-own homes and why assistance beats it.

Related Colorado Springs searches

Colorado Springs starter homes · Colorado Springs condos · Colorado Springs townhomes · Colorado Springs 2-bedroom homes · Colorado Springs 3-bedroom homes · Colorado Springs fixer-uppers · Colorado Springs foreclosures · Colorado Springs homes that pass FHA · All Colorado Springs homes for sale. Nearby: Fountain (81 under $400,000), Woodland Park (38 under $400,000), Monument (18 under $400,000), Pueblo (276 under $400,000). Statewide: affordable homes in Colorado, the Denver affordable homes guide.

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. ZIP 80909 alone holds 113 of the 1,151 Colorado Springs homes under $400,000 this week, and the top three ZIPs hold 28 percent. 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. 440 Colorado Springs homes are listed under $300,000 this week and 239 under $250,000.

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.