Alliant Credit Union is a nonprofit financial cooperative. The credit union serves customers in all states except Maryland. Mortgage products include conventional, jumbo, refinancing and home equity loans.
- No-down-payment mortgages are available for first-time homebuyers with excellent credit.
- You can get a mortgage with no private mortgage insurance if you put 5% down.
- Federal Housing Administration, Department of Veterans Affairs and U.S. Department of Agriculture loans are not available.
Alliant Credit Union provides conventional mortgages, including fixed- and adjustable-rate loans. The credit union does not offer USDA, VA or FHA loans. However, the Alliant Advantage Mortgage program has a 0% down payment option for first-time homebuyers and a 5% down payment option without private mortgage insurance.
“The Alliant Advantage Mortgage program offers loans with less than 20% down, with no mortgage insurance and a corresponding savings on the monthly payment,” says Jerrold Anderson, Alliant Credit Union vice president of residential lending. “We find that many members have the income and credit to qualify for a mortgage but lack the down payment. Alliant will lend up to $500,000 to qualified members at 100% loan-to-value.”
Alliant Credit Union offers:
- Conventional mortgages
- Mortgage refinancing loans
- Mortgages with no down payment
- ARM loans
- First-time homebuyer program
Alliant Credit Union does not disclose minimum FICO score or maximum debt-to-income requirements for mortgage loans.
Alliant Credit Union does not disclose loan fees.
Alliant Credit Union has an A+ Better Business Bureau rating and is BBB-accredited. The Consumer Financial Protection Bureau received 12 mortgage-related complaints for Alliant Credit Union in 2020. Each complaint received a timely response.
Almost all of Alliant Credit Union’s mortgage applications are completed online or via mobile device. The lender uses electronic signatures and online document uploading throughout the loan approval process.
- First-time homebuyers seeking a no-down-payment mortgage
- Homebuyers who want to avoid private mortgage insurance
- Homebuyers who want a completely online mortgage application process
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