- Offers a full suite of competitive fixed and adjustable-rate mortgage plans, with low down payment options available
- Focus on digital services provides members with top-notch online banking and mortgage management
- The Alliant Home Rewards program guides customers through the home buying process and provides a cash-back rebate
- Offers 0% down for well-qualified first-time homebuyers
- Borrowers can secure loan amounts up to $2 million
- Mortgage origination fees are as low as $995
- Offers several calculators to help customers determine what kind of home they can afford, estimate mortgage payments, and compare mortgage terms
- Maintains the Money Mentor blog to provide helpful advice for homebuyers
Alliant Credit Union History
Founded in 1935 by a small group of airline employees as the United Airlines Employees’ Credit Union, Alliant Credit Union is now one of the largest credit unions in the U.S. As a not-for-profit financial cooperative, the credit union boasts a members-first philosophy whereby members are also owners.
Alliant Credit Union Overview
With over 80 years of experience, Alliant is a credit union that provides financial services for roughly 400,000 members nationwide.
Headquartered in Chicago, the lender only has a few brick-and-mortar locations, choosing instead to invest in first-rate online and mobile banking and mortgage management as a digital-first credit union.
Alliant offers award-winning rates for traditional and jumbo loans, with offers that are particularly appealing for first-time homebuyers. Borrowers with fair credit scores also have a good chance of getting approved.
Coupled with low down payment options, this makes Alliant mortgages accessible to a wide range of borrowers.
Alliant offers the majority of its services via digital methods or over the phone. This may turn away borrowers who prefer in-person interaction, but the union does make an effort to uphold personalized and easy-to-manage services for every member.
In many ways, it offers the personalized service and exclusive rates of a credit union while also meeting the technological focus often typical of major banks and financial corporations. As such, the lender generally receives favorable reviews.
Alliant Credit Union Loan Specifics
Alliant Credit Union provides industry-standard loan options but expands homeownership opportunities for its members with special down-payment programs for first-time buyers and options for properties that are often ineligible.
The lender does not offer loans backed by the Federal Housing Administration, U.S. Department of Veterans Affairs, or U.S. Department of Agriculture.
Every Alliant member works with a dedicated loan officer throughout the application process, but the form itself is completed either entirely online or on the lender’s mobile app.
While help is always just a phone call away, Alliant Credit Union mortgages are ideal for borrowers who are comfortable with online mortgage application and management.
The lender recommends this loan for borrowers who plan to stay in their home for ten years or more, as well as for those who prefer fixed, consistent payments.
This is because the interest rates and payment amounts on fixed-rate loans remain the same from the beginning to end of the loan term. Alliant offers 15 and 30 year fixed-rate home mortgages with rates as low as 3.75 percent.
Borrowers who plan to move shortly or who prefer lower monthly payments at the beginning of the loan should choose an adjustable-rate mortgage (ARM). These loans have an initial interest rate that changes after the fixed term ends.
A 3/1 ARM loan, for instance, has a lower fixed rate for the first three years of the loan term, which will then fluctuate annually based on market rates for the remainder of the loan. Alliant offers 1/1, 3/1, 5/1, 7/1, and 10/1 ARM plans with rates as low as 3.75 percent.
Alliant Advantage Mortgage Program
Unique to Alliant, this mortgage program helps borrowers overcome common barriers to homeownership, such as high down payments. The zero percent down, no-mortgage-insurance loan for first-time homebuyers offers loan amounts up to $500,000.
Plus, there are various term options available to meet borrower needs. The program also features five percent down, no-mortgage-insurance loan and refinance options for borrowers who are not first-time buyers. The plan also eliminates private mortgage insurance payments.
Alliant Credit Union offers fixed- and adjustable-rate program options with higher-than-conventional loan limits. Those limits are set annually by Fannie Mae and Freddie Mac and may vary by state. Alliant jumbo loans are available for up to $2 million.
Second Home Loans
Alliant Credit Union offers vacation-home financing via both traditional and jumbo loans for borrowers purchasing a second home or investment property.
Alliant Credit Union Mortgage Customer Experience
Before applying for a mortgage, potential borrowers can get a custom online quote and use the lender’s mortgage calculators to estimate monthly payments. Interested borrowers can fill out an online application in as little as 10 minutes.
An Alliant loan officer will then contact applicants to further discuss their applications and documentation requirements, including government-issued identification, social security number, credit score, recent pay stubs, W-2 forms, federal tax returns, bank statements, and more.
Applicants can upload the documents to their online application, and sign forms electronically. There are no application or escrow waiver fees.
Once approved, borrowers can manage their loan entirely online or through Alliant’s mobile app. While borrowers do not need to be a credit union member to apply for a mortgage, they will need to apply for membership before closing on their loan.
Alliant membership offers access to exclusive savings, with competitive rates.
Alliant receives positive feedback from its customers due to its strong commitment to its members. Borrowers cite better-than-average customer service and online tools as some of Alliant’s standout features.
Alliant Credit Union Lender Reputation
Alliant Credit Union is a non-profit financial cooperative that has been in business for over 80 years. The lender has a National Mortgage Licensing System and Registry ID number of 197185, and no filed complaints.
As part of its overwhelming commitment to its members, Alliant offers some of the most competitive rewards on its VISA credit card.
The organization also gives back to the community—if interested consumers don’t have all the requirements for membership, joining can be as easy as making a donation to Foster Care to Success.
The credit union has been accredited since 2004 and has an A+ BBB rating.
The lender is a member of the National Credit Union Administration, as well as an Equal Housing Lender.
- Information collected on January 7, 2019
Alliant Credit Union Mortgage Qualifications
As with most lenders, the credit score is an essential factor for Alliant when it aims to determine qualifying borrowers. Generally, the higher the credit score, the better the chances of approval, and the lender will likely offer their best mortgage rates to those with excellent credit scores.
|Credit Score||Quality||Ease of approval|
|620 and below||Poor||Somewhat difficult|
|n/a||No credit score||Difficult|
While they aren’t in place currently, the lender is also open to implementing alternative credit scoring models to comply with the fairest lending consideration.
However, Alliant makes a promise to review total financial pictures, rather than making a decision solely based on credit score. In fact, borrowers with fair credit (as low as 620) and a debt-to-income ratio as high as 50% can be eligible for loans with a three percent down payment.
While eligibility varies by loan product, Alliant Credit Union generally offers loans to applicants with minimum credit scores between 620 and 700 and debt-to-income ratios of up to 40-50%.
Qualified first-time buyers may be eligible for loans without making down payments, and non-first-time buyers can often qualify for down payments as low as three percent. The lender also accepts gift funds to cover down payments, as long as the support comes from a relative or co-borrower.
Alliant borrowers must also qualify for the credit union’s membership. Eligible Alliant members must meet one of five requirements:
- Be an employee or retiree of a qualifying company
- Be a member of a qualifying organization
- Have an immediate family member who is an existing Alliant member
- Live or work in a qualifying Chicago community
- Support Foster Care to Success
Alliant membership lasts for life and is available to the member’s entire family.
Alliant Credit Union Phone Number & Additional Details
- Homepage URL: https://www.alliantcreditunion.org/
- Company Phone: 800-328-1935 or 800-365-7003 to speak with an Alliant home loan specialist
- Headquarters Address: 11545 West Touhy Avenue, Chicago, IL 60666
- States Serviced: Alliant Credit Union has limited locations but offers nationwide coverage through robust online services.