Affordable Homes for Sale in Denver, CO

Questions people ask about affordable homes in Denver

Where are the cheapest homes for sale in Denver right now?

In the condo pockets: Lowry and Windsor (80247), Hampden and Indian Creek (80231), Westwood and Barnum (80219), Hale and Montclair (80220), Hampden South (80237), Capitol Hill (80203) and Green Valley Ranch (80249). Those seven ZIPs hold about half of Denver's 1,348 homes under $400,000. The pocket-by-pocket walk is on the Denver affordable homes guide; each ZIP has its own page, starting with 80247, 80231 and 80219.

What does $300,000 buy in Denver today?

A one- or two-bedroom condo of about 950 square feet, built 1970 to 2000, with an HOA of $300 to $500 a month, in Lowry, Hampden, Capitol Hill or Virginia Village. 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. Under $400,000 the first small houses appear in Westwood, Barnum and Montbello. The price-range page with every listing is Denver homes $100,000 to $400,000.

How much do I need to buy an affordable home in Denver?

About $1,000 of your own money with CHFA assistance: the grant or second mortgage covers the 3.5 percent FHA down payment ($9,972 on the median), the seller pays closing costs through the offer, and the earnest deposit comes back at closing. The worked example is on $1,000 cash to close; the program rules on CHFA down payment assistance in Colorado.

What down payment programs work in Denver?

CHFA statewide (620 score, income under $178,920, 3 percent grant or 4 percent second). metroDPA across the Front Range (0 percent second mortgage with no payments, 620 score, no first-time requirement). Denver's own income-restricted homes through the Department of Housing Stability, priced well under market for households under 80 to 120 percent of area median income, with a resale cap. Elevation Community Land Trust homes, where you buy the house and the trust keeps the land. HUD homes at $100 down with an FHA loan. Every one is explained with its catch in first-time homebuyer programs in Denver and on the guide.

Why does a cheap Denver condo cost more per month than the price suggests?

The HOA. 78 percent of Denver homes under $400,000 carry dues, median $437 a month, and that line is bigger than the taxes and insurance combined. On the median condo the full payment is about $2,567 a month, which takes about $103,000 a year of income at 30 percent. Compare the dues on the Denver HOA rules and fees guide before you fall for a low price.

Are HUD homes and foreclosures cheaper?

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 live list is on Denver HUD homes and the rules on Denver HUD homes for sale. Bank-owned and fixer listings are on Denver foreclosure homes and Denver fixer-upper homes.

Can I rent to own a cheap home in Denver instead?

You can, and it costs more than buying with assistance: a lease-option on a $300,000 home takes a $9,000 option fee plus a rent premium, with no title until the end, where CHFA puts you on title now for about $1,000. The charts are on Denver rent-to-own homes.

What credit score do I need?

580 for FHA with 3.5 percent down, 620 for CHFA or metroDPA assistance, 620 for a conventional loan at 3 percent down. A 60-day plan that moves most scores 20 to 40 points is on credit care; the pre-approval that tells you your exact price is on mortgage pre-approval.