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Alliant Credit Union mortgage review

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Fixed- and adjustable-rate mortgages, with a break for first-time buyers with high credit scores.

Alliant Credit Union offers rate locks and no-down-payment options for qualified buyers. But you must be a member to apply and its branch network is limited.

Details

Loan types Purchase, Refinance, Jumbo, Home Equity, Fixed, Adjustable, FHA, VA, USDA
Minimum credit 620
Minimum down payment 0%
Origination fee $995 for adjustable-rate mortgages and $1,793 for fixed-rate loans
Other fees Other possible fees can include appraisal fees, credit report fee, title charges, closing fees, state taxes

Pros

  • No down payment
  • Cashback rebates
  • Rate locks
  • No prepayment penalties
  • Rate monitoring option

Cons

  • Limited eligibility
  • Limited in-person support
Alliant Credit Union is an accredited business with the Better Business Bureau that gives it an A+ rating. While customers appreciate Alliant’s competitive rates, many online reviews complain of subpar customer service, website bugs and long waits on hold.

What types of loans does Alliant Credit Union offer?

Alliant has a variety of home loan products to choose from, including fixed-rate loans, adjustable-rate loans, jumbo loans, mortgage refinancing, home equity loans and HELOCs.

Conventional

Alliant offers fixed-rate loans with terms of 15, 20 or 30 years, rates as low as 3.31% APR and an origination fee of $1,793. Access adjustable-rate loans with 3/1, 5/1, 7/1 or 10/1 terms, rates that start at 4.01% APR and a $995 origination fee.

FHA

Access Federal Housing Administration loans with low down payment options and flexible lending requirements.

VA

Eligible service members and their families may qualify for a Veterans Affairs loan with no private mortgage insurance and no down payment options.

USDA

These $0 down payment mortgages are available to applicants with qualifying rural properties located outside metropolitan areas.

Jumbo loan

Non-conforming jumbo loans of up to $2 million are available with this provider.

Other loans offered by Alliant Credit Union

  • Mortgage refinancing. Refinance your existing home loan into a different term with a potentially lower rate.
  • Home equity loans. Rates start at 5.50% APR and terms range from five to 15 years with no closing costs or appraisal fees.
  • HELOC. Borrow up to 90% of the available equity in your home with rates as low as 4.50% APR. Terms range from 15 to 30 years with no associated closing costs.

Alliant Credit Union fees

Alliant Credit Union charges origination fees of $995 for adjustable-rate mortgages and $1,793 for fixed-rate loans.

In addition to origination fees, you’ll likely encounter the following:

  • Appraisal fees
  • Credit report fee
  • Title charges
  • Closing fees
  • State taxes

Does Alliant Credit Union offer special programs?

Alliant has two specialty mortgage programs available to applicants: the Alliant Advantage Mortgage program and the Alliant Home Rewards program.

  • Alliant Advantage Mortgage program. Offers loans of up to $500,000 with no private mortgage insurance. First-time homebuyers are eligible for down payments as low as 0%, while repeat borrowers are eligible for as little as 5% down. Borrowers must have a minimum credit score of 740 and a debt-to-income ratio of no more than 42%.
  • Alliant Home Rewards program. Offers cash-back rebates of up to $6,500 when you sell your home. And if you buy and sell property through the program? You may be eligible for a rebate of up to $13,000. Rebate amounts are based on the sale price of the home.

Requirements

To qualify for an Alliant Credit Union home loan, you must first become an Alliant member. Those eligible to join Alliant include:

  • Employees of qualifying companies or organizations
  • Immediate family members of Alliant members
  • Residents of qualifying Chicagoland communities
  • Supporters of Alliant’s partner charity, Foster Care to Success

If you meet one of these eligibility criteria, join Alliant by completing its online membership application or printing out a member enrollment application from Alliant’s website. Complete the form and mail it to:

Alliant Credit Union
PO Box 66945
Chicago, IL
60666-0945

Once your membership is confirmed, you can begin the home loan application process on Alliant’s website. Alliant suggests that borrowers with a minimum credit score of 620 get the best rates.

Documentation

Be ready to supply the following information:

  • Your full name and personal contact information
  • Social Security number
  • Employment information
  • Two recent pay stubs
  • W2s and 1099s from the past year
  • Personal tax return from the past year
  • Profit and loss statements (if self-employed)
  • A list of your assets, including savings, real estate, car titles and other investment records
  • A complete list of your debts, including student loans, auto loans, personal loans and credit cards

Pros and cons of Alliant Credit Union

Take advantage of Alliant home loan program perks, but be mindful of the pitfalls:

Pros

  • No down payment. If it’s your first time buying a home, you could qualify for a 0% down home loan with no private mortgage insurance through the Alliant Advantage Mortgage program.
  • Cashback rebates. The Alliant Home Rewards program offers up to $13,000 in cashback rebates based on the value of your home.
  • Rate locks. Lock your rate for up to 120 days on new construction loans and up to 60 days for all other loans.
  • No prepayment penalties. Pay off your loan early without the complication of prepayment fees.
  • Rate watch. Let Alliant monitor interest rates for the loan you’d like to apply for and receive regular email updates on rate fluctuations.

Cons

  • Limited eligibility. Only Alliant members are eligible for this provider’s home loans, and the advertised perks are reserved for those with stellar credit.
  • Limited in-person support. While Alliant mortgages are available nationwide, Alliant’s brick and mortar locations can only be found in Chicago, Illinois.

Compare Alliant Credit Union to other mortgage lenders

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620
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Streamline your mortgage from quote to final payment — all from your computer or phone.

Compare up to 4 providers

How to get a home loan with Alliant Credit Union

  1. Alliant members can begin the application process right on Alliant’s website. Click Apply Now.
  2. Enter your Alliant membership number and tell Alliant more about the property you plan to purchase, including the purchase price, loan amount, estimated closing date and property type. Click Next.
  3. Enter your full name, Social Security number, residential address and contact information. Select your current marital status from the drop-down menu. Click Next.
  4. Select the loan type and term you’re interested in. Click Next.
  5. Tell Alliant more about your assets, including checking and savings accounts, stocks and bonds and retirement accounts. Then, disclose your ongoing expenses, including auto loans, personal loans, student loans and credit cards. Click Next.
  6. Provide Alliant with your employment information, including your employer’s name, address and phone number. Click Next.

Review the information you’ve provided and click Submit Application.

An Alliant loan officer will call you to discuss your application. You’ll need to provide supporting documentation for your application for underwriting purposes.

What is Alliant Credit Union?

Alliant Credit Union is a not-for-profit member-owned financial cooperative. It was founded in 1935 as the United Airlines Employees’ Credit Union and now has over $11 billion in assets and over 450,000 members across the US.

While this credit union has plenty of personal, business and investment products to offer, eligibility is restricted to Alliant members.

Bottom line

With specialty lending programs like the Alliant Advantage Mortgage program, buyers may qualify for low down payments and no private mortgage insurance. But Alliant mortgages are only available to Alliant members and its in-person customer support is limited.

Not sure Alliant is your best bet? Review your options with additional providers to find the ideal term and rate for your needs.

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