Affordable Homes for Sale in Westminster, CO

Affordable homes in Westminster: the numbers this week

Cheap homes in Westminster are condos and townhomes: 92 percent of the 76 listings under $400,000 carry an HOA, median $389 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 Westminster home is about $2,616 a month, which a lender approves at about $105,000 a year of income at 30 percent, or $70,000 at 45 percent. Under $300,000 it is a one- or two-bedroom condo of about 1,042 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 Westminster

• 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: Adams and Jefferson counties are members; 0 percent second, no payments.
• Westminster homeownership program: the city's deferred assistance for buyers under the income limit, when funded.
• HUD homes at $100 down: Westminster HUD homes, when one is listed.
• Rent-to-own, priced honestly: Westminster rent-to-own homes and why assistance beats it.

Related Westminster searches

Westminster starter homes · Westminster condos · Westminster townhomes · Westminster 2-bedroom homes · Westminster 3-bedroom homes · Westminster fixer-uppers · Westminster foreclosures · Westminster homes that pass FHA · All Westminster homes for sale. Nearby: Arvada (85 under $400,000), Thornton (130 under $400,000), Broomfield (47 under $400,000), Northglenn (11 under $400,000). Statewide: affordable homes in Colorado, the Denver affordable homes guide.

Questions people ask about affordable homes in Westminster

Where are the cheapest homes for sale in Westminster?

In Sunset Ridge and Shaw Heights, Legacy Ridge and Walnut Grove and south Westminster and Berkeley Gardens. ZIP 80031 alone holds 40 of the 76 Westminster homes under $400,000 this week, and the top three ZIPs hold 91 percent. The map above shows every one; the ZIP pages start with 80031.

What does $300,000 buy in Westminster today?

Under $300,000 it is a one- or two-bedroom condo of about 1,042 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. 42 Westminster homes are listed under $300,000 this week and 24 under $250,000.

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

About $2,616 on the $290,000 median with an FHA loan at 7 percent and 3.5 percent down: $1,862 principal and interest, $389 HOA, $140 taxes, $128 mortgage insurance, $97 insurance. A lender approves that payment at about $105,000 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 Westminster?

About $1,000 with CHFA assistance: the 3 percent grant covers the FHA down payment ($10,150 on the median), the seller pays closing costs through the offer, and the earnest money comes back at closing. Without assistance it is about $15,650. The worked example is on $1,000 cash to close; the rules on CHFA down payment assistance.

Which down payment programs work in Westminster?

CHFA statewide (620 score, income under $178,920, 3 percent grant or 4 percent second mortgage). metroDPA: Adams and Jefferson counties are members; 0 percent second, no payments. Westminster homeownership program: the city's deferred assistance for buyers under the income limit, when funded. Every program and its catch is on affordable homes in Colorado.

Are there HUD homes or foreclosures in Westminster?

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

Is rent-to-own cheaper in Westminster?

No. A lease-option on a $290,000 home takes about $9,000 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 Westminster rent-to-own homes.