Alliant Credit Union Mortgage Review 2024

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 0% down payment option without private mortgage insurance. Qualified non-first-time homebuyers can put as low as 5% down without private mortgage insurance.

You may begin the preapproval process on Alliant’s website or choose from a list of loan officers to contact by phone to begin. Once you find a home to purchase, you will fully complete the mortgage application and connect with your home loan officer to finalize the sale. If you are not a member of Alliant Credit Union, you will be required to join before the mortgage is finalized. Anyone can become a member.

Borrowers can lock in a fixed rate for 15, 20 or 30 years for as low as 6.5%. Adjustable rate mortgages start at 6.5% and include 5/6, 7/6 and 10/6 terms. Alliant Credit Union charges an origination fee and no prepayment penalties for paying off your loan early,

Alliant Credit Union discloses no autopay or other discounts on its website.

Alliant Credit Union requires a minimum credit score of 620 and a debt-to-income ratio of 50% or less. Potential borrowers can start the preapproval process on the website to see if you qualify, as well as your potential rate.

You will need a minimum FICO credit score of 620 to qualify for a mortgage with Alliant Credit Union and no more than a 50% debt-to-income ratio.

Alliant Credit Union operates as an online financial institution and offers mortgage products in all U.S. states, with exceptions. For example, fixed-rate mortgages are not available in Maryland, but certain ARMs are. Home equity lines of credit are available in 25 states and Washington, D.C.

Alliant Credit Union has an A+ Better Business Bureau rating and is BBB-accredited. The Consumer Financial Protection Bureau received 15 mortgage-related complaints for Alliant Credit Union in 2021, and each complaint received a timely response.

In U.S. News’ ratings of mortgage lenders, Alliant Credit Union received 4.1 out of 5 stars overall, 3.9 for affordability, 4.0 for eligibility and 4.4 for customer service. The median overall rating for personal loan lenders by U.S. News is 4.2.

Reach Alliant customer service by calling 800-365-7003 from 8 a.m. to 6 p.m. Central Time Monday through Friday and 8 a.m. to 2 p.m. CT on Saturday. You may also email [email protected] for assistance.

Almost all of Alliant Credit Union’s mortgage applications can be completed online or via mobile device. The lender uses electronic signatures and online document uploading throughout the loan approval process.