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finder.com’s rating: 2.8 / 5.0
★★★★★
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.
| 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
|
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.
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.
Access Federal Housing Administration loans with low down payment options and flexible lending requirements.
Eligible service members and their families may qualify for a Veterans Affairs loan with no private mortgage insurance and no down payment options.
These $0 down payment mortgages are available to applicants with qualifying rural properties located outside metropolitan areas.
Non-conforming jumbo loans of up to $2 million are available with this provider.
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:
Alliant has two specialty mortgage programs available to applicants: the Alliant Advantage Mortgage program and the Alliant Home Rewards program.
To qualify for an Alliant Credit Union home loan, you must first become an Alliant member. Those eligible to join Alliant include:
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:
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.
Be ready to supply the following information:
Take advantage of Alliant home loan program perks, but be mindful of the pitfalls:
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.
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.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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Review by
Shannon Terrell is a writer for finder.com who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.
Alliant Credit Union mortgages are good for first-time home buyers and those looking for loans with low or no down payments. It offers traditional and government-backed loans, with some special loan programs. But its loans are only for credit union members, so if you don’t qualify, look elsewhere.