Affordable Homes for Sale in Fountain, CO

Affordable homes in Fountain: the numbers this week

Cheap homes in Fountain are mostly houses on their own lots: only 32 percent of the 81 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 Fountain home is about $2,650 a month, which a lender approves at about $106,000 a year of income at 30 percent, or $71,000 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 1,432 square feet or so, no HOA, a yard, a garage.

How the price comes down in Fountain

• 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, usable in Fountain.
• VA zero down: Fort Carson is next door and nearly every Fountain home takes a VA loan.
• HUD homes at $100 down: Fountain HUD homes, when one is listed.
• Rent-to-own, priced honestly: Fountain rent-to-own homes and why assistance beats it.

Related Fountain searches

Fountain starter homes · Fountain condos · Fountain townhomes · Fountain 2-bedroom homes · Fountain 3-bedroom homes · Fountain fixer-uppers · Fountain foreclosures · Fountain homes that pass FHA · All Fountain homes for sale. Nearby: Colorado Springs (1151 under $400,000), Pueblo (276 under $400,000), Monument (18 under $400,000), Woodland Park (38 under $400,000). Statewide: affordable homes in Colorado, the Denver affordable homes guide.

Questions people ask about affordable homes in Fountain

Where are the cheapest homes for sale in Fountain?

In and Fountain proper and the Mesa Ridge side. ZIP 80817 alone holds 81 of the 81 Fountain 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 80817.

What does $300,000 buy in Fountain 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 1,432 square feet or so, no HOA, a yard, a garage. 23 Fountain homes are listed under $300,000 this week and 11 under $250,000.

How much is the monthly payment on an affordable Fountain home?

About $2,650 on the $350,000 median with an FHA loan at 7 percent and 3.5 percent down: $2,247 principal and interest, $131 taxes, $155 mortgage insurance, $117 insurance. A lender approves that payment at about $106,000 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 Fountain?

About $1,000 with CHFA assistance: the 3 percent grant covers the FHA down payment ($12,250 on the median), the seller pays closing costs through the offer, and the earnest money comes back at closing. Without assistance it is about $17,750. The worked example is on $1,000 cash to close; the rules on CHFA down payment assistance.

Which down payment programs work in Fountain?

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, usable in Fountain. VA zero down: Fort Carson is next door and nearly every Fountain home takes a VA loan. Every program and its catch is on affordable homes in Colorado.

Are there HUD homes or foreclosures in Fountain?

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

Is rent-to-own cheaper in Fountain?

No. A lease-option on a $350,000 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 Fountain rent-to-own homes.