Affordable Homes for Sale in Lakewood, CO

Affordable homes in Lakewood: the numbers this week

Cheap homes in Lakewood are condos and townhomes: 98 percent of the 146 listings under $400,000 carry an HOA, median $380 a month, and that line decides the payment as much as the price does. 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 Lakewood home is about $2,435 a month, which a lender approves at about $97,000 a year of income at 30 percent, or $65,000 at 45 percent. Under $300,000 it is a one- or two-bedroom condo of about 945 square feet. The first townhomes with a garage appear in the $300,000s, and a detached house under $400,000 is rare and sells in days.

How the price comes down in Lakewood

• 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: Jefferson County is a member, so the 0 percent second with no payments is available on every Lakewood condo.
• Jefferson County Housing Authority: owns income-restricted condos in Lakewood that resell below market.
• HUD homes at $100 down: Lakewood HUD homes, when one is listed.
• Rent-to-own, priced honestly: Lakewood rent-to-own homes and why assistance beats it.

Related Lakewood searches

Lakewood starter homes · Lakewood condos · Lakewood townhomes · Lakewood 2-bedroom homes · Lakewood 3-bedroom homes · Lakewood fixer-uppers · Lakewood foreclosures · Lakewood homes that pass FHA · All Lakewood homes for sale. Nearby: Denver, Golden (41 under $400,000), Wheat Ridge (20 under $400,000), Littleton (193 under $400,000). Statewide: affordable homes in Colorado, the Denver affordable homes guide.

Questions people ask about affordable homes in Lakewood

Where are the cheapest homes for sale in Lakewood?

In Green Mountain and Lakewood Estates, Green Mountain Village and Union Square and Belmar and Lakewood Heights. ZIP 80227 alone holds 52 of the 146 Lakewood homes under $400,000 this week, and the top three ZIPs hold 72 percent. The map above shows every one; the ZIP pages start with 80227.

What does $300,000 buy in Lakewood today?

Under $300,000 it is a one- or two-bedroom condo of about 945 square feet. The first townhomes with a garage appear in the $300,000s, and a detached house under $400,000 is rare and sells in days. 93 Lakewood homes are listed under $300,000 this week and 53 under $250,000.

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

About $2,435 on the $270,000 median with an FHA loan at 7 percent and 3.5 percent down: $1,733 principal and interest, $380 HOA, $113 taxes, $119 mortgage insurance, $90 insurance. A lender approves that payment at about $97,000 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 Lakewood?

About $1,000 with CHFA assistance: the 3 percent grant covers the FHA down payment ($9,450 on the median), the seller pays closing costs through the offer, and the earnest money comes back at closing. Without assistance it is about $14,950. The worked example is on $1,000 cash to close; the rules on CHFA down payment assistance.

Which down payment programs work in Lakewood?

CHFA statewide (620 score, income under $178,920, 3 percent grant or 4 percent second mortgage). metroDPA: Jefferson County is a member, so the 0 percent second with no payments is available on every Lakewood condo. Jefferson County Housing Authority: owns income-restricted condos in Lakewood that resell below market. Every program and its catch is on affordable homes in Colorado.

Are there HUD homes or foreclosures in Lakewood?

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

Is rent-to-own cheaper in Lakewood?

No. A lease-option on a $270,000 home takes about $8,000 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 Lakewood rent-to-own homes.