Oxford defines the word ‘hero’ as: “A person who is admired or idealized for courage, outstanding achievements, or noble qualities.” The world has no shortage of ordinary people doing remarkable feats, typically with total disregard for their own lives. You may know someone who ran across a hail of bullets to rescue a man down or stood by his moral beliefs even if it meant disaster.

And for such deeds, it’s befitting for people to show their gratitude to heroes by making their daily lives a bit easier. The community has been giving back with more affordable mortgages, allowing them to own a home. The practice isn’t unusual or new; throughout history, service members and other notable people have received gold and land as rewards for their service.

With mortgage forbearance ending this March, now might be as good of any time as ever to rethink mortgages. The 2.7 million Americans who enrolled in the program due to the pandemic will have to think of ways to keep up with their dues. Repayment plans and loan modification are some ideal ways, according to experts, easily achievable with programs catered to heroes.

Here’s a closer look into how these unique programs can help today’s heroes.

Deserving of the Best

Economic uncertainty due to the pandemic had forced veterans to change their plans to buy homes. One survey found that most of them hoped to buy a home within the next five years. The problem is that they also said houses would be less affordable this year. The odds of the market improving in five years may as well be the same as hitting the Powerball jackpot.

With home programs for heroes, qualified people won’t have to wait amidst an air of uncertainty. The program will help them find the best possible plan, taking into account where they live, grants and rebates they qualify for, and the property in question, among other factors. Aside from buyers, the programs also cater to sellers and those looking to refinance their mortgages.

“Heroes” in this context doesn’t only apply to people in or used to be in the military. It also covers first responders (e.g., paramedics, police officers, firefighters), teachers, and renters. The last item might appear the odd one out until you consider that their struggles to make ends meet in difficult times are remarkable in their own right.

Encouraging Ownership

Homeownership is one of many debates that don’t seem to have an end in sight. The answer isn’t as clear-cut when the pros of renting and buying a house don’t appear to cancel each other out. For example, renting is advantageous because of the low upfront cost, but owning works because the mortgage terms are friendlier. 

In such situations, only the state of the market can determine the better option. As of this writing, the market favors owning a home in 63% of the American housing markets, even with house prices increasing in 83% of them. The only thing preventing more people from owning a home right now is a shortage in stock.

Another reason for these home programs for heroes encouraging owning property is the first-time homebuyer program. Each state manages a program that rewards first-time buyers with tax credits and the like. The terms get much friendlier if the buyers are heroes, as described in this context.

Open to More People

Anyone who has applied for a home loan will tell you that getting approved is the first hard step. The good news is that the average American has a good credit score, 711 points as of 2020. Even with the pandemic in full swing, people got smarter about spending their money. They were aware that big-ticket investments would have to take a backseat in the meantime.

But what if an aspiring homeowner has a below-average credit score? Worse, what if he had filed for bankruptcy not too long ago? The road would be rougher, but securing the home of their dreams is still possible with decent mortgage terms. In this case, they’re more likely to secure a federally-backed loan than a private one.

As mentioned earlier, home programs for heroes will find the ideal terms. How easy or hard these terms will depend on how far one will go to achieve his dream.

Conclusion

Some say heroes are born, while others believe they’re made. Whatever the case, all heroes deserve to live the best life they can once past the nightmares. Like heroes of old had received land, today’s heroes should receive an easier way to own a home. Home programs for heroes are the least the community can do to honor their service.