One of the benefits of serving in the military is that you can take advantage of some home-buying programs that make it more affordable to you. Veterans affairs loans, often referred to as a VA loans, can be a great way to purchase your home due to its benefits. However, it is best to know the following five things before moving forward with this kind of mortgage.

You'll Need Service Certification

VA loans do require some additional certification to actually prove that you're actively serving in the military or are a veteran. Make sure that you receive the proper certification from the VA department so that you have it in hand when you start the mortgage process. This is the best way to avoid any delays when trying to receive your mortgage, since you will be denied without the proper certification.

Your Loan Amount Can Vary Based on Where You Live

There are two things that a mortgage lender will look for when applying for a loan. They'll start by looking at your income to determine how big of a loan you can afford. This is pretty standard for any type of loan, so it should be no surprise. However, what makes VA loans different is that lenders look at how homes are priced in your area. The average home price in your area will be considered, which will allow the lender to be more generous to allow you to purchase a home near that average. 

Your Debt-To-Income Ratio Is Considered

Getting a VA loan does not mean that you're exempt from having your debt-to-income ratio considered when applying for the loan. If you currently have a lot of existing debt from things such as credit card debt, student loans, or car payments, those will ultimately affect how big of a loan you'll get from your lender. If you want a home that is more expensive, you'll need to pay off some of those debts first to lower how much of your income is going towards debt repayment.

You Don't Need a Down Payment

The biggest advantages of VA loans is how they do not require a down payment. That said, providing a down payment will always be to your advantage since it lowers the loan amount and how much interest you pay over the life of the loan. If you don't have the cash on hand, you can still get the home that you want and don't need to wait to save up the funds for a large down payment.