Why choose a VA Loan through Ameriprise?

• No down payment options: One of the most significant advantages of VA-backed financing is the potential to purchase with little or no down payment, helping preserve savings for other priorities.
• Competitive rates: VA Loan programs are known for attractive interest rates, often lower than conventional mortgage alternatives, which can reduce monthly payments and lifetime interest costs.
• No private mortgage insurance (PMI): VA Loans do not require PMI, which can translate into substantial monthly savings compared with conventional loans when a borrower puts down less than 20%.
• Flexible credit considerations: The VA program recognizes the sacrifices of military service and offers more flexible underwriting standards than many traditional lenders.
• Refinance options: Access to Interest Rate Reduction Refinance Loans (IRRRLs) and VA cash-out refinances to improve terms, reduce payments, or access home equity when needed.
• Dedicated support: Ameriprise provides tailored guidance throughout the loan lifecycle—from eligibility review and prequalification to appraisal coordination and closing—so borrowers understand each step and its financial impact.

Who is eligible?

VA Loan benefits are available to a broad range of military-connected borrowers. Typical eligible groups include:

• Active-duty service members
• Veterans with an honorable discharge
• Qualified members of the National Guard and Reserves
• Eligible surviving spouses of service members

Eligibility is confirmed through a Certificate of Eligibility (COE) issued by the Department of Veterans Affairs. Ameriprise specialists can help you determine eligibility and assist with obtaining your COE as part of the application process.

What can you finance?

VA Loans can be used to finance a variety of primary-residence property types, including:

• Single-family homes
• Multi-unit properties (typically up to four units where the borrower occupies one unit)
• Approved condominiums
• Manufactured homes and modular housing (subject to program guidelines)
• New construction in certain circumstances

Ameriprise can help you evaluate whether a specific property type meets VA program rules and local lending requirements.

Key features and costs to understand

VA Loans come with important features and possible fees that borrowers should consider:

• VA funding fee: A one-time fee paid to the VA to support the program; the amount varies based on the type of loan, down payment (if any), and whether it’s a first-time or subsequent use. In some cases, the funding fee may be financed into the loan amount.
• Closing costs: While VA rules limit certain borrower-paid closing costs, some customary fees may still apply. Ameriprise will provide an estimate of closing costs early in the process so there are no surprises.
• Appraisal and property standards: VA appraisals confirm both fair market value and minimum property condition requirements to ensure safety and habitability.
• Residual income: In addition to credit and debt-to-income evaluation, VA underwriting often considers residual income requirements to ensure borrowers can meet basic living expenses after paying housing costs.

Documents commonly required

To streamline the application process, gather key documents in advance. Typical items include:

• Certificate of Eligibility (COE) or authorization to obtain one
• Proof of military service such as discharge papers or statement of service
• Recent pay stubs and W-2s or tax returns if self-employed
• Bank statements and asset documentation
• Identification and Social Security information

Ameriprise loan officers will provide a specific checklist tailored to your situation and assist in collecting and submitting required materials.

How the process works

1. Prequalification: A quick review of income, assets, and service history to estimate borrowing power and affordability.
2. Application: Submission of documentation and formal loan application.
3. Certificate of Eligibility: Obtain or verify COE to confirm VA entitlement.
4. Appraisal and property review: VA appraisal to confirm value and condition, plus any lender-specific property checks.
5. Underwriting: Final credit, income, and residual income evaluation leading to loan approval.
6. Closing: Sign documents, fund the loan, and take possession of the home.

Ameriprise offers personalized support at every stage to keep the process clear and timely.

Common questions

Can I use a VA Loan more than once?

Yes. VA entitlement may be used multiple times, subject to remaining entitlement and program rules. Ameriprise can review your entitlement status and options when you’re ready to buy again or refinance.

Is a down payment ever required?

Many VA Purchase Loans can be completed with no down payment, but in some situations — such as purchasing a high-priced property or when entitlement is limited — a down payment may be required. Ameriprise will help you evaluate scenarios and alternatives.

Can I refinance to lower my rate?

Yes. The VA IRRRL (streamline refinance) is commonly used to refinance an existing VA loan into a lower rate with minimal documentation and reduced cost. Cash-out refinancing is also available for eligible borrowers who want to access equity.