Affordable Homes for Sale in Fort Morgan, CO

Affordable homes in Fort Morgan: the numbers this week

Cheap homes in Fort Morgan are mostly houses on their own lots: only 4 percent of the 47 listings under $400,000 carry an HOA, so the price you see is close to the payment you get. 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 Fort Morgan home is about $2,474 a month, which a lender approves at about $99,000 a year of income at 30 percent, or $66,000 at 45 percent. Under $300,000 it is a small older house or a manufactured home; $300,000 to $400,000 buys a three-bedroom ranch or split-level of 1,614 square feet or so, no HOA, a yard, a garage.

How the price comes down in Fort Morgan

• 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.
• USDA zero down: all of Fort Morgan is USDA-eligible, so a buyer under the county income limit puts nothing down and skips mortgage insurance.
• CHFA: works here too, and the two stack for closing costs.
• HUD homes at $100 down: Fort Morgan HUD homes, when one is listed.
• Rent-to-own, priced honestly: Fort Morgan rent-to-own homes and why assistance beats it.

Related Fort Morgan searches

Fort Morgan starter homes · Fort Morgan condos · Fort Morgan townhomes · Fort Morgan 2-bedroom homes · Fort Morgan 3-bedroom homes · Fort Morgan fixer-uppers · Fort Morgan foreclosures · Fort Morgan homes that pass FHA · All Fort Morgan homes for sale. Nearby: Brush (20 under $400,000), Greeley (147 under $400,000), Sterling (0 under $400,000), Evans (46 under $400,000). Statewide: affordable homes in Colorado, the Denver affordable homes guide.

Questions people ask about affordable homes in Fort Morgan

Where are the cheapest homes for sale in Fort Morgan?

In and all of Fort Morgan. ZIP 80701 alone holds 47 of the 47 Fort Morgan 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 80701.

What does $300,000 buy in Fort Morgan today?

Under $300,000 it is a small older house or a manufactured home; $300,000 to $400,000 buys a three-bedroom ranch or split-level of 1,614 square feet or so, no HOA, a yard, a garage. 18 Fort Morgan homes are listed under $300,000 this week and 7 under $250,000.

How much is the monthly payment on an affordable Fort Morgan home?

About $2,474 on the $325,000 median with an FHA loan at 7 percent and 3.5 percent down: $2,087 principal and interest, $135 taxes, $144 mortgage insurance, $108 insurance. A lender approves that payment at about $99,000 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 Fort Morgan?

About $1,000 with CHFA assistance: the 3 percent grant covers the FHA down payment ($11,375 on the median), the seller pays closing costs through the offer, and the earnest money comes back at closing. Without assistance it is about $16,875. The worked example is on $1,000 cash to close; the rules on CHFA down payment assistance.

Which down payment programs work in Fort Morgan?

CHFA statewide (620 score, income under $178,920, 3 percent grant or 4 percent second mortgage). USDA zero down: all of Fort Morgan is USDA-eligible, so a buyer under the county income limit puts nothing down and skips mortgage insurance. CHFA: works here too, and the two stack for closing costs. Every program and its catch is on affordable homes in Colorado.

Are there HUD homes or foreclosures in Fort Morgan?

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 Fort Morgan HUD homes. Bank-owned and fixer listings are on Fort Morgan foreclosures and Fort Morgan fixer-uppers.

Is rent-to-own cheaper in Fort Morgan?

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 Fort Morgan rent-to-own homes.