Affordable Homes for Sale in Commerce City, CO

Affordable homes in Commerce City: the numbers this week

Cheap homes in Commerce City split between condos with dues and small houses without: 66 percent of the 56 listings under $400,000 carry an HOA, median $125 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 Commerce City home is about $2,949 a month, which a lender approves at about $118,000 a year of income at 30 percent, or $79,000 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 1,344 square feet at the median.

How the price comes down in Commerce City

• 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: Adams County is a member; 620 score, no first-time requirement.
• Metro-district reality: Reunion and Buffalo Run carry a metro-district levy that adds $150 to $300 a month; the old core south of 72nd does not.
• HUD homes at $100 down: Commerce City HUD homes, when one is listed.
• Rent-to-own, priced honestly: Commerce City rent-to-own homes and why assistance beats it.

Related Commerce City searches

Commerce City starter homes · Commerce City condos · Commerce City townhomes · Commerce City 2-bedroom homes · Commerce City 3-bedroom homes · Commerce City fixer-uppers · Commerce City foreclosures · Commerce City homes that pass FHA · All Commerce City homes for sale. Nearby: Brighton (52 under $400,000), Thornton (130 under $400,000), Aurora (769 under $400,000), Denver. Statewide: affordable homes in Colorado, the Denver affordable homes guide.

Questions people ask about affordable homes in Commerce City

Where are the cheapest homes for sale in Commerce City?

In Reunion, Buffalo Run and the old Commerce City core and Henderson. ZIP 80022 alone holds 49 of the 56 Commerce City homes under $400,000 this week, and the top three ZIPs hold 100 percent. The map above shows every one; the ZIP pages start with 80022.

What does $300,000 buy in Commerce City 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 1,344 square feet at the median. 8 Commerce City homes are listed under $300,000 this week and 4 under $250,000.

How much is the monthly payment on an affordable Commerce City home?

About $2,949 on the $365,000 median with an FHA loan at 7 percent and 3.5 percent down: $2,343 principal and interest, $125 HOA, $198 taxes, $161 mortgage insurance, $122 insurance. A lender approves that payment at about $118,000 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 Commerce City?

About $1,000 with CHFA assistance: the 3 percent grant covers the FHA down payment ($12,775 on the median), the seller pays closing costs through the offer, and the earnest money comes back at closing. Without assistance it is about $18,275. The worked example is on $1,000 cash to close; the rules on CHFA down payment assistance.

Which down payment programs work in Commerce City?

CHFA statewide (620 score, income under $178,920, 3 percent grant or 4 percent second mortgage). metroDPA: Adams County is a member; 620 score, no first-time requirement. Metro-district reality: Reunion and Buffalo Run carry a metro-district levy that adds $150 to $300 a month; the old core south of 72nd does not. Every program and its catch is on affordable homes in Colorado.

Are there HUD homes or foreclosures in Commerce City?

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 Commerce City HUD homes. Bank-owned and fixer listings are on Commerce City foreclosures and Commerce City fixer-uppers.

Is rent-to-own cheaper in Commerce City?

No. A lease-option on a $370,000 home takes about $11,000 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 Commerce City rent-to-own homes.