Affordable Homes for Sale in Longmont, CO

Affordable homes in Longmont: the numbers this week

Cheap homes in Longmont split between condos with dues and small houses without: 71 percent of the 95 listings under $400,000 carry an HOA, median $350 a month, so the same price buys two different payments. 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 Longmont home is about $2,944 a month, which a lender approves at about $118,000 a year of income at 30 percent, or $79,000 at 45 percent. Under $300,000 it is a condo or an older two-bedroom house; $300,000 to $400,000 is where the three-bedroom houses and the newer townhomes with a garage start, about 1,166 square feet at the median.

How the price comes down in Longmont

• 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.
• City of Longmont Down Payment Assistance: a deferred loan for buyers under 80 percent of area median income.
• Boulder County Down Payment Assistance: the county program, usable in Longmont, stacks with CHFA.
• HUD homes at $100 down: Longmont HUD homes, when one is listed.
• Rent-to-own, priced honestly: Longmont rent-to-own homes and why assistance beats it.

Related Longmont searches

Longmont starter homes · Longmont condos · Longmont townhomes · Longmont 2-bedroom homes · Longmont 3-bedroom homes · Longmont fixer-uppers · Longmont foreclosures · Longmont homes that pass FHA · All Longmont homes for sale. Nearby: Boulder (118 under $400,000), Loveland (83 under $400,000), Frederick (18 under $400,000), Erie (14 under $400,000). Statewide: affordable homes in Colorado, the Denver affordable homes guide.

Questions people ask about affordable homes in Longmont

Where are the cheapest homes for sale in Longmont?

In east Longmont and Prospect, central Longmont and Old Town and west Longmont and the Niwot side. ZIP 80504 alone holds 53 of the 95 Longmont 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 80504.

What does $300,000 buy in Longmont today?

Under $300,000 it is a condo or an older two-bedroom house; $300,000 to $400,000 is where the three-bedroom houses and the newer townhomes with a garage start, about 1,166 square feet at the median. 37 Longmont homes are listed under $300,000 this week and 31 under $250,000.

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

About $2,944 on the $337,000 median with an FHA loan at 7 percent and 3.5 percent down: $2,164 principal and interest, $350 HOA, $169 taxes, $149 mortgage insurance, $112 insurance. A lender approves that payment at about $118,000 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 Longmont?

About $1,000 with CHFA assistance: the 3 percent grant covers the FHA down payment ($11,795 on the median), the seller pays closing costs through the offer, and the earnest money comes back at closing. Without assistance it is about $17,295. The worked example is on $1,000 cash to close; the rules on CHFA down payment assistance.

Which down payment programs work in Longmont?

CHFA statewide (620 score, income under $178,920, 3 percent grant or 4 percent second mortgage). City of Longmont Down Payment Assistance: a deferred loan for buyers under 80 percent of area median income. Boulder County Down Payment Assistance: the county program, usable in Longmont, stacks with CHFA. Every program and its catch is on affordable homes in Colorado.

Are there HUD homes or foreclosures in Longmont?

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

Is rent-to-own cheaper in Longmont?

No. A lease-option on a $340,000 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 Longmont rent-to-own homes.