CENTRAL TEXAS — Eric Mojica sold his home last year in California with ease but buying a home for his family in Central Texas seemed impossible.
“I was searching with my agents for months in Texas. Every single offer kept getting rejected,” said Mojica.
Normally, Veterans like Mojica can use VA loans but that was not an option this time.
“At this market right now, people are waiving their appraisals I’m putting $50-$100,000 above asking price which is something I can do,” said Mojica.
Killeen Mayor Jose Segarra, who’s also a local realtor with HomeVet Realty, said the VA doesn’t allow vets to buy a house for more than the house is worth and without the loan, many veterans are in a bind.
“They are looking at buying a house 100% financing, no down payment and the seller paying all the closing costs but when you have such a competitive market, they can no longer do that,” said Segarra.
Mojica said he put down 60 offers in Central Texas and competed with other home buyers and investors.
“This is around the same time that every major tech company announced they were moving to Texas. Everybody from California was moving to Texas. So, it was super hard for about four months of actively looking,” said Mojica.
Eventually, Mojica found a home in Belton.
“It’s military, it’s actual distance from the base itself. It’s green. I lived in the desert before so being around so much green and trees I love it,” said Mojica.
Mojica said he paid more than he expected but is happy to have a place he and his family call home. Mojica said if you’re looking for a home locally, expect at least 9 months.