Affordable Homes for Sale in Denver, CO

Affordable homes in Denver: the numbers this week

Cheap homes for sale in Denver are condos first, then townhomes, then a few small houses on the west and northeast sides. 1,348 Denver homes are listed under $400,000 this week, median $284,900, median 945 square feet at $281 a foot; 78 percent carry an HOA, median $437 a month. The grid above is every one of them; the guide below prices them honestly.

The full payment on the median affordable Denver home is about $2,567 a month, and the lender's ceiling at 30 percent of income is about $103,000 a year; at 45 percent it is $68,000. The pocket-by-pocket guide, the programs with their catches, and what $250,000, $300,000 and $400,000 each buy are on the Denver affordable homes guide. Every Colorado city with its own affordable page is on affordable homes for sale in Colorado.

Six ways the price comes down in Denver

• CHFA assistance: 3 percent grant or 4 percent second mortgage, 620 score, income under $178,920. The program and the $1,000 cash-to-close math.
• metroDPA: a 0 percent second mortgage with no payments across the Front Range, 620 score, repeat buyers welcome.
• Denver income-restricted homes: the city's Department of Housing Stability sells deed-restricted condos and townhomes well under market to households under 80 to 120 percent of area median income; resale is capped.
• Elevation Community Land Trust: you buy the house, the trust keeps the land, the price drops accordingly, and the resale gain is shared.
• HUD homes at $100 down: Denver HUD homes, 3 in the city this week.
• Rent-to-own, priced honestly: Denver rent-to-own homes and why assistance beats most of them.

Related Denver searches

Denver homes $100,000 to $400,000 · Denver starter homes · Denver condos · Denver townhomes · Denver 1-bedroom homes · Denver 2-bedroom homes · Denver fixer-uppers · Denver foreclosures · Denver manufactured homes · Denver homes that pass FHA · All Denver homes for sale · The Denver area guide. Nearby: Aurora (769 homes under $400,000), Lakewood (146), Thornton (130), Englewood (68), Westminster (76).

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. 760 Denver homes are listed under $300,000 this week and 507 under $250,000. 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?

HUD homes sell at HUD's appraised price, as-is, with a $100 down option on an FHA loan; there are 26 in Colorado this week and 3 in Denver. 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.