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☆ The first Fed interest rate cut in years is on the horizon. Here's what homeowners, buyers need to know
▼ + stars: | 2024-07-29 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +5 min

Valentinrussanov | E+ | Getty ImagesThe Federal Reserve is poised to make the first interest rate cut in years this fall, which can influence mortgage rates to go down. To that point, people in the market to buy a home have been eagerly waiting for the Fed to cut rates. The Fed is meeting this week, but experts say it seems more likely that the first rate cut will come in September. That would be the first rate cut since 2020 in the onset of the Covid-19 pandemic. While mortgage rates are fixed and mostly tied to Treasury yields and the economy, they are partly influenced by the Fed's policy.

Persons: Chen Zhao, Freddie Mac, Refinance, it's, Zhao, Selma Hepp, Hepp, Jacob Channel, there's Organizations: Fed, Treasury, Mortgage, Association, Finance Locations: Redfin

☆ What to do when the Fed starts cutting interest rates
▼ + stars: | 2024-07-27 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +8 min

New York CNN —Over the past couple of years, the Federal Reserve aggressively raised its key interest rate to a 23-year high to beat down inflation. But, realistically, how much you’ll save when the Fed lowers rates will depend on how quickly it cuts and by how much each time. Since loan amounts are substantial, this is one area where even small cuts in interest rates could make a meaningful difference in what a homebuyer will pay. A couple of quarter-point rate cuts from the Fed won’t make it meaningfully cheaper, McBride said. A few rate cuts won’t make much of a dent in today’s record-high average rate of 20.7%.

Persons: ”, Greg McBride, ” McBride, “, Chris Diodato, McBride, Diodato, you’re, ” Dodiato Organizations: New, New York CNN, Federal Reserve, Bankrate, Fed Locations: New York

☆ A $1 million starter home is now the norm in more than 200 US cities
▼ + stars: | 2024-07-26 | by ( Samantha Delouya | ) edition.cnn.com time to read: +4 min

A Thursday report from Zillow indicates that a typical starter home is now worth $1 million or more in 237 cities, up from 84 cities in 2019, underscoring America’s ongoing home affordability crisis. “We see the largest number of million-dollar starter homes in expensive coastal markets. To further complicate things for first-time buyers, the value of starter homes has grown at a faster pace than the average home. According to Zillow, starter home values have grown 54.1% over the past five years, while the average US home has increased by 49.1%. The nationwide average price tag for a starter home is $196,611, according to Zillow.

Persons: underscoring, ” Orphe, “, It’s, homebuyer, Zillow, Jeffrey Jenkins, Divounguy, “ That’s, ”, Lawrence Yun Organizations: CNN, Gallup, National Association of Realtors, University of Southern Locations: Zillow, California , New York, New Jersey, University of Southern California, United States

☆ How down payment assistance programs can help clear the path to homeownership
▼ + stars: | 2024-07-23 | by ( Genna Contino | ) www.cnbc.com time to read: +3 min

Two renters pose in front of their new home that they're renting from Roots, a program that helps renters invest in real estate. Then Hunnicutt found a $1,050-per-month two-bedroom apartment tied to Roots, a real estate investment trust based in the Atlanta area that aims to help renters of the properties in its portfolio build wealth toward homeownership. Will Hunnicutt with his dog Bailey in his Atlanta home that he rented through Roots, a company that helps renters build wealth by investing in real estate. As buyers continue to struggle with home affordability, experts say programs that help with down payments may be worth another look. One barrier toward homeownership is having enough savings for a down payment.

Persons: Katie Curran, Will Hunnicutt, Hunnicutt, Bailey, It's, They're, homebuyer Organizations: CNBC, SurveyMonkey, National Association of Realtors, PMI, Mortgage Locations: Atlanta, U.S

You can get down payment assistance through CHFA's Down Payment Assistance Program or the Time To Own program. VermontThe Vermont Housing Finance Agency offers mortgages, down payment assistance, a first generation homebuyer program, and a mortgage credit certificate. NebraskaThe Nebraska Investment Finance Authority is another state housing finance agency that offers programs for first-time and repeat buyers alike. State first-time homebuyer programs FAQsHow do first-time homebuyer programs differ by state? You may be able to combine multiple forms of state-backed first-time homebuyer assistance, or get state assistance in addition to other, unrelated programs.

Persons: you'll, CHFA, DSHA, MaineHousing, NJHMFA, MHDC, UHC Organizations: Connecticut Housing Finance Authority, FHA, Housing Authority, Maine MaineHousing, Loan, Massachusetts MassHousing, New Hampshire New Hampshire Housing, New Jersey Housing, Mortgage Finance Agency, New Jersey Police, New York Mortgage Agency, Pennsylvania Housing Finance Authority, Vermont Housing Finance Agency, Alabama Housing Finance Association, Arkansas, Finance Authority, of Columbia Homebuyers, DC Housing Finance Agency, D.C, Florida Housing Finance Corporation, Georgia Department of Community Affairs, Georgia, Plus, Kentucky Housing Corporation, Louisiana Housing Corporation, Maryland Department of Housing, Community Development, Mississippi The Mississippi Home Corporation, North Carolina Housing Finance Agency, Carolina South, Carolina South Carolina Housing, Palmetto, SC, South Carolina National Guard, Tennessee Housing Development Agency, Virginia Virginia Housing, Virginia Department of Housing, West, West Virginia The West, West Virginia The West Virginia Housing Development Fund, Illinois Housing, Authority, Indiana, Indiana Housing, Community Authority ., Iowa Finance Authority, IFA, Kansas Housing, Assistance, Michigan, Housing Development Authority, Minnesota Housing Finance Agency, Missouri Housing, Commission, Nebraska, Nebraska Investment Finance Authority, North, North Dakota Housing Finance Agency, Ohio Housing Finance Agency, South Dakota Housing Development Authority, Economic Development Authority, Arizona The, Arizona The Arizona Industrial Development Authority, New Mexico Mortgage Finance Authority, Oklahoma, Oklahoma Housing Finance Agency, Texas The, Affordable Housing Corporation, Texas, Homes, Texas Heroes, Alaska Housing Finance Corporation, California Housing Finance Agency, Colorado, Colorado Housing, Hawaii Housing Finance, Development Corporation . Idaho, Idaho Housing, Finance Association, Montana, Montana Montana Housing, Nevada Housing Division, Oregon Oregon Housing, Community Services, Utah Housing Corporation, Washington, Washington State Housing Finance Commission, Wyoming Community Development Authority Locations: Connecticut, Delaware, New Hampshire New Hampshire, New Jersey, York The State, Pennsylvania, Rhode, Vermont, Alabama, Arkansas, Washington ,, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, Carolina, Carolina South Carolina, Tennessee, Virginia Virginia, West Virginia, West Virginia The West Virginia, Illinois, Indiana Indiana, Community Authority . Iowa, Iowa, Kansas, Michigan, Minnesota, Missouri, NIFA, North Dakota, North, Ohio, OHFA . South Dakota, Wisconsin, WHEDA . Southwest, Arizona, Arizona The Arizona, Mexico, Oklahoma, Texas, Texas The Texas, TSAHC ., Alaska, California, Colorado, Hawaii, Idaho, Montana Montana, Nevada, Oregon Oregon, Utah, Washington, Wyoming, Chevron

Determining your budgetYou can figure out how much house you can afford to buy using our free mortgage calculator. While you may already have an idea of what you think you can afford, you'll need to find out how the bank sees you. It will include a list of all of your finalized closing costs and how much cash you'll need to close. The final walkthroughBefore closing, you'll also get a chance to view the home one more time. How to buy a house FAQsHow much down payment do I need to buy a house?

Persons: You'll, George Chedid, Dana Bull, They're, Bull, you've, Don't, it's, They'll, you'll, they've, Chedid Organizations: Compass, Federal Housing Administration, US Department of Veterans Affairs, US Department of Agriculture, you'll, Homeowners Insurance Allstate, Insurance Locations: Kendall Park , New Jersey, Chevron, Boston

Can a non-U.S. citizen get a mortgage loan? Challenges non-U.S. citizens may faceThough it's possible to get a mortgage as a non-U.S. citizen, that doesn't mean it will be easy. Buying a home as a non-U.S. citizen FAQsCan non-U.S. citizens get a mortgage loan? Yes, non-U.S. citizens can get a mortgage loan if they meet the lender's eligibility requirements and they provide necessary documentation. Eligibility for non-U.S. citizen mortgage loans is usually based on legal residency status, credit history, income verification, and down payment.

Persons: homebuyers, Nora Aguirre, she's, they've, Aguirre, — Organizations: Migration Policy Institute, Taxation, National Association of Hispanic Real Estate Professionals, USDA, ., Internal Revenue Service, Social, Chevron Locations: U.S, Nevada, Chevron

Some of the most important factors to consider when buying a house are price, size, and location. Location and neighborhoodLocation is something you're stuck with until you move, so be sure you're choosing a city, school district, and neighborhood that suits your needs. If homes are flying off the shelves, you'll need to be prepared to make fast offers that get noticed right off the bat. If the appraisal comes in lower than what you offer, you'll have to make up the difference or renegotiate with the seller. Evaluating a house's resale potential is critical, as you want to be sure you're making a smart investment of your money.

Persons: Glen Pizzolorusso, Hope, that's, they're, it's, you've, they'll, you'll Organizations: Glen Christopher Luxury, Facebook, Energy Locations: Connecticut, Chevron

☆ The housing market is close to a rare buying opportunity with prices set to drop in pandemic boom towns, analyst says
▼ + stars: | 2024-07-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

Read previewProspective homebuyers may be better off staying on the sidelines: the housing market is on its way to a rare buying opportunity, with steep home price declines bound for key areas of the real-estate market in the coming years, according to one analyst. That's an additional ingredient on the top, which just makes it more likely that prices fall," Gerli told BI. AdvertisementThe situation in the South's housing market also bears some similarities to previous housing bubbles, Gerli noted. In key boom towns, home prices have shot up 50%-70% since the pandemic, though incomes have only risen 10%-20%, he said, citing municipal data. It'll take a long time for housing to become more affordable overall, given how overvalued the market is, Gerli said.

Persons: —, Nick Gerli, Gerli, Freddie Mac, That's, Southern homebuilders, we've, it's, Redfin, Homebuyers, It's Organizations: Service, Business, National Association of Realtors, Builders Locations: Florida, Southern, Texas

Renovation loan eligibilityTo get a loan for a house renovation, you'll need to meet certain credit requirements. Cash-out refinances or renovation loans rolled into mortgages are typically the best renovation loan programs because they come with the lowest rates. Home renovation loans FAQsAre renovation loans a good idea? Renovation loans, or home improvement loans, can be a good idea for homeowners looking to make both essential and cosmetic changes to their homes. Renovation loans make it relatively convenient to complete upgrades or repairs that can boost your home's value.

Persons: It's, Fannie Mae's, Freddie Mac's, you'll, Douglas Boneparth Organizations: Federal Housing Administration, Bone, reno, Chevron

☆ The housing market is close to a rare buying opportunity as prices are set to drop in pandemic boom towns, analyst says
▼ + stars: | 2024-07-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

In America's 20 biggest cities, a 20% down payment ranges from $39,127 in Oklahoma City to $263,392 in San Jose, California. On a $200,000 home, a 3% down payment means you'll need $6,000. FHA mortgage: 3.5%To get an FHA mortgage, you'll need at least a 3.5% down payment. The exact amount you'll pay depends on your down payment and whether you've gotten a VA loan previously. PMI protects lenders on mortgages with high loan-to-value ratios, and it's added to the borrower's monthly mortgage payment.

Persons: you'll, Insider's, Fannie Mae, Freddie Mac, you've, You'll, it's Organizations: Phoenix, Fort, Oklahoma, PMI, Opportunity, National Association of Realtors, Chevron, USDA Locations: Oklahoma City, San Jose , California, Government, York City, NY, Angeles, LA, Chicago, Houston, AZ, Philadelphia, Antonio, Diego, Dallas, Austin, Jacksonville, Jose, Fort Worth , TX, Columbus, Charlotte, NC, Indianapolis, Francisco, Seattle, WA, Denver, homeownership, Chevron

You can also use our guide to the best low credit score mortgage lenders to see which lenders accept borrowers with lower scores. Minimum credit score by mortgage typeConforming mortgage: 620 or higherConforming mortgages, which are the most common type of mortgage, are only available to borrowers with credit scores of 620 or higher. Get copies of your credit reportUnderstanding your credit history is key to understanding what's affecting your credit score. Review your credit report again to see what is impacting your credit score, then take steps to improve it. Getting a mortgage with bad credit frequently asked questionsCan you get a mortgage with a 500 credit score?

Persons: it's, US Department of Veterans Affairs doesn't, you've, It's, you'll, You'll Organizations: US Department of Veterans Affairs, Rocket Mortgage, Freedom, Carrington Mortgage, HUD, Federal Housing Administration, Chevron Locations: CreditRepair.com, Chevron

Here are the best mortgage lenders for first-time homebuyers and the affordable loans they offer, as chosen by Business Insider editors in 2024. If you're a Bank of America Preferred Rewards customer, you can get discountsCheck mark icon A check mark. Offers many unique types of mortgagesCheck mark icon A check mark. Low Cost Mortgages come with only $295 in closing costsCheck mark icon A check mark. Mortgage credit certificatesSome HFAs also offer mortgage credit certificates to first-time homebuyers.

Persons: It's, Chase, Grant, You'll, Carrington, Carrington doesn't, forbearance, HELOC, homebuyers, Truist, doesn't, Flagstar, they're, homeownership, Fannie Mae, Freddie Mac's, you'll, Anthony Park, Molly Grace, Julie Aragon, There's, Lauryn Williams, —, there's, PenFed, USAA, Wells, Wells Fargo, Ally Organizations: Homebuyers Bank of America Mortgage, Mortgage, Chase, Federal Credit Union Mortgage, New, U.S, Bank Mortgage, Federal Savings, Loan, Truist, Flagstar Bank, Business, Bank of America, of America, FHA, Bank, Bank of, Bank of America's, Miami . Bank of America, USDA, Guild Mortgage, Veterans, Navy, Credit, Federal, Navy Federal, Navy Federal Credit Union, Department of Defense, Student Loan, . Bank, US Bank, U.S . Bank, Carrington Mortgage, Carrington Mortgage Services, Consumer Financial Protection, DC, Private Mortgage Insurance, PMI, Down Payments, Quicken, Rocket Mortgage, Rocket, CrossCountry Mortgage, CrossCountry, Loans, Flagstar Bank Mortgage, Federal Housing Finance Agency, Federal Housing Administration, US Department of Housing, Urban, US Department of Veterans Affairs, US Department of Agriculture, Best, Chevron, CFP, Pentagon Federal Credit Union, BBB, Fairway Independent Mortgage Corporation, Veterans United, Movement Mortgage, NBKC, PNC Bank, Better Business Bureau Locations: VA, HELOC, Washington, DC, Charlotte, Dallas, Detroit, Los Angeles, Miami, Delaware, Vermont, Delaware , Vermont, Wyoming, J.D, New York, ., U.S, Massachusetts, North Dakota, Ohio, Florida, California , Colorado , Connecticut, Georgia , Illinois , Indiana , Kentucky, Maryland , Massachusetts , Missouri , New Hampshire , New Jersey , New York, North Carolina , Ohio , Oregon , Pennsylvania, South Carolina , Tennessee, Virginia, Tennessee, Arizona , Alaska, Hawaii, Arizona , California, Florida , Indiana , Michigan , New Jersey , New York , Ohio, Wisconsin, Flagstar, Arizona , California , Connecticut , Idaho , Michigan, Nevada , Ohio, New Mexico, Chevron, Wells Fargo

When you apply for a mortgage loan, lenders will review your finances and check to make sure you meet the requirements of the loan program. The exact requirements you'll need to meet vary by loan type, though. Additional factors affecting mortgage qualificationThe above are the major mortgage loan requirements, but sometimes, other factors can play in as well. Mortgage credit score requirement FAQsWhat is the minimum credit score needed for a mortgage? There's no set amount, but your income should be sufficient to cover your debt payments and the proposed mortgage payment comfortably.

Organizations: Chevron, USDA Locations: AnnualCreditReport.com

☆ Manhattan real estate showing signs of becoming a buyer's market
▼ + stars: | 2024-07-03 | by ( Robert Frank | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailManhattan real estate showing signs of becoming a buyer's marketCNBC's Robert Frank joins 'Money Movers' to discuss the surging interest in homebuyer's setting their search in Manhattan.

Persons: Robert Frank Locations: Manhattan

☆ Compass CEO: Supply and demand indicators suggest a modest shift towards a homebuyer's market
▼ + stars: | 2024-06-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCompass CEO: Supply and demand indicators suggest a modest shift towards a homebuyer's marketRobert Reffkin, Compass co-founder and CEO, joins 'Squawk on the Street' to discuss whether there's a magic mortgage rate threshold for homebuyers, home supply questions, and much more.

Persons: Robert Reffkin Organizations: Supply

☆ More single-family built-for-rent homes are under construction in the U.S.
▼ + stars: | 2024-06-21 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

Leopatrizi | E+ | Getty ImagesMore built-for-rent single-family homes are being constructed in the U.S., according to the National Association of Home Builders, and experts say this is in part due to the housing affordability crisis. Construction began on about 18,000 single-family, built-for-rent homes in the first quarter of 2024, a 20% jump compared with the first quarter of 2023, according to NAHB, which analyzed data from the U.S. Census Bureau's Quarterly Starts and Completions by Purpose and Design. Single-family built-for-rent starts grew to 90,000 units in 2023, up from 81,000 units in 2022, the National Association of Realtors reported. The growing share of built-for-rent single-family homes is a response to demand from "people who can't afford today's very expensive, out-of-reach housing market," Lautz said. Homeowners are also responsible for shouldering "hidden costs" that aren't figured into a mortgage payment, such as maintenance, repairs, taxes and insurance.

Persons: Robert Dietz, Molly Boesel, Jessica Lautz, Lautz, NAHB's Dietz, Boesel Organizations: National Association of Home Builders, Census, Finance, JPMorgan, Trump, National Association of Realtors, Survey, U.S . Census, NAR, Mortgage, Association Locations: U.S

☆ Mortgage demand falls for the second straight week, but all eyes are on Friday's jobs report
▼ + stars: | 2024-06-05 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage interest rates last week moved to the highest level since early May, and that pushed mortgage demand lower for the second straight week. Total mortgage application volume fell 5.2% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Mortgage applications to purchase a home fell 4% for the week and were 16% lower than the same week a year ago. Buyers are not only contending with higher interest rates. Mortgage rates ended last week with a sharp drop on Friday and then continued to slide this week.

Persons: –, Mike Fratantoni, Fratantoni, Matthew Graham of, Graham Organizations: Mortgage, MBA's, Government, Matthew Graham of Mortgage News Locations: Austin , Texas

☆ A shady financial tool from the housing-bubble era is making a comeback
▼ + stars: | 2024-06-03 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

Perhaps the last thing the market needs is another shady financial product that pushes low-income Americans into homes they can’t afford, under terms that could bankrupt them. The zero-down mortgage is making a comeback, my colleague Matt Egan reports. And honestly, when has the value of the housing market ever gone anywhere but up up up up? The housing market, as we all remember from “The Big Short,” does not always go up. One way for motivated buyers to hunt for a lower mortgage rate is buy someone else’s.

Persons: America’s, aren’t, Matt Egan, you’re, let’s, didn’t, you’d, you’ll, ”, Patricia McCoy, ” Alex Elezaj, ” Adams, “, Samantha Delouya, Ellen Harper, Samantha, ” Harper Organizations: New, New York CNN, Wall, United Wholesale Mortgage, Boston College Law School, CNN, “ Locations: New York, Georgia

☆ Want a low mortgage rate? Take someone else’s
▼ + stars: | 2024-05-31 | by ( Samantha Delouya | ) edition.cnn.com time to read: +6 min

This means that a buyer keeps the seller’s repayment period, mortgage balance and, notably, the seller’s lower mortgage rate. Securing that ultra-low mortgage rate means that Harper will save thousands of dollars in monthly payments. “I just decided I wanted to see how low I could pay on the interest rate,” Harper said. And while the mortgage rate on the second loan may be high, the total monthly payment could still be lower — if the assumed mortgage rate is low enough. Snagging a low mortgage rate like Harper’s in today’s high interest rate environment may seem like a dream come true to some prospective homebuyers, but the process is not always smooth sailing.

Persons: ”, Ted Tozer, Ginnie Mae —, Tozer, Ellen Harper, Harper, “, ” Harper, ” Tozer, homebuyers, he’d, Raunaq Singh Organizations: CNN, of Housing, Urban, Urban Institute, Intercontinental Exchange, Federal Housing Administration, US Department of Veterans Affairs, Realtors Locations: Georgia, Georgia , Arizona , Colorado , Texas, Florida

☆ 10 U.S. cities where homeowners pay more than renters, according to data from SmartAsset—6 are in California
▼ + stars: | 2024-05-30 | by ( Celia Fernandez | ) www.cnbc.com time to read: +1 min

New York City is the No. 10 city where homeowners are paying more than renters, according to a May SmartAsset report. The report assessed the difference in monthly costs between owning a home and renting in 343 cities with a population of over 100,000 people. In the top two cities, Berkeley and California, owning costs are up to $2,000 or more per month compared to renting. Homeowners in these areas often pay twice as much as renters, the report states.

Organizations: New, Survey Locations: U.S, New York City, California, Berkeley

☆ Denmark Made Home Buying Easier. America Should Follow Its Lead.
▼ + stars: | 2024-05-29 | by ( James Rodriguez | ) www.businessinsider.com time to read: +13 min

When mortgage rates shoot up, as they did over the past two years, many would-be sellers decide they don't want to move after all. AdvertisementAs the Federal Reserve began pushing up borrowing rates in the spring of 2022, hoping to reel in rising inflation, mortgage rates went vertical. So far, this system of pooling together mortgage bonds and selling them to investors is pretty close to the American way of doing things. When US homeowners pay off their mortgages, they have only one option: pony up the amount left on the loan. That's not just good for buyers or sellers or mortgage loan officers — it's good for everyone.

Persons: It's, John Campbell, Danes, Freddie Mac, that's, Will Doerner, —, aren't, pesky, Campbell, Fannie Mae, Banks, Jesper Berg, there's, That's Organizations: Harvard, Federal Reserve, Federal Housing Finance Agency, Homeowners, Danish Financial Supervisory Authority Locations: America, …, Denmark, Zillow, Canada, Australia, Danish

☆ A Texas coastal engineer says a simple home-buying decision saved his house from Hurricane Harvey — and could help other home-owners in flood zones
▼ + stars: | 2024-05-25 | by ( Ellyn Lapointe | ) www.businessinsider.com time to read: +6 min

Advertisement2024 may be the worst hurricane season in history3D rendering of Category 4 hurricane near the US State of Louisiana. FrankRamspott/Getty ImagesA coastal engineer at Texas A&M University, Figlus is an expert on flooding. AdvertisementDespite rising flood and hurricane risk, a whopping 140,000 people moved to Houston, Texas, last year. This online service provides a detailed breakdown of flooding risk in a given area. AdvertisementAll in all, Figlus thinks people can still live in flood zones relatively safely, as long as they understand the risks.

Persons: Jens Figlus, Figlus, Hurricane Harvey, Harvey, Wager, jhorrocks, David J, Phillip Organizations: Service, Business, Texas, M University, Figlus, National Oceanic, Atmospheric Administration, University of Pennsylvania, Simpson, Census, FEMA Locations: Texas, Louisiana, of Louisiana, Atlantic, what's, Houston, Houston , Texas, Gulf, Galveston Bay, Hurricane

☆ A Texas man bought a home, only to discover that a squatter and a 'pretty big goat' were living there. When he tried to get in months later, the goat attacked his dad.
▼ + stars: | 2024-05-23 | by ( Alexandra Bacon | ) www.businessinsider.com time to read: +1 min

A man in Texas purchased a new house only to find a squatter and her goat still living there. He bought the San Antonio property for $175,000 from a woman who was about to foreclose. AdvertisementWhen Daniel Cabrera purchased a five-bedroom property in San Antonio, he didn't expect to find the previous inhabitant still living there along with her aggressive pet goat. Cabrera, a professional homebuyer, purchased the property for $175,000 from a woman who was about to foreclose, Fox News reported. This story is available exclusively to Business Insider subscribers.

Persons: —, Daniel Cabrera, Cabrera, couldn't Organizations: San, Service, Fox News, Business Locations: Texas, San Antonio, foreclose

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