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Alliant Credit Union Mortgage Review: A Great Option for First-Time Home Buyers

Review Updated
Matt Frankel, CFP®
Kimberly Rotter, AFC®
By: Matt Frankel, CFP®
Matt Frankel, CFP®
Matt Frankel, CFP®
Writer, Analyst

Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.

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 and  Kimberly Rotter, AFC®
Kimberly Rotter, AFC®
Kimberly Rotter, AFC®
Accredited Financial Counselor®

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Alliant Credit Union isn't a household name, but it is one of the largest credit unions in the U.S. This lender originates conventional mortgages throughout most of the U.S. If you're looking to keep your upfront and ongoing costs to a minimum, read our full Alliant Credit Union Mortgage review below.

Ratings Methodology
Alliant Credit Union Mortgage

Alliant Credit Union Mortgage

Rating image, 3.0 out of 5 stars.
3.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor

Bottom Line

Alliant is a good option for first-time home buyers The credit union has a wide array of fixed-rate and ARM loan terms available.

Min. Credit Score

620

Min. Down Payment

  • 3%

Key Features

  • Detailed loan estimates
  • Variety of loan terms
  • HELOCs offered

Loan Types

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo

Fixed Rate Terms

  • 30y, 20y, 15y

Adjustable Rate Terms

  • 10/6, 7/6, 5/6

Top Mortgage Lenders

It's important to compare mortgage lenders so you understand all your options. Here are a few of our favorite lenders, listed side by side so you can see how they each stack up against their competition:

Lender Min. Down Payment Credit Score Next Steps
  • 3%
  • 580
Circle with letter I in it. 580 FHA 620 Conventional 680 Jumbo
Apply Now for Better
  • 0% - 3%
Circle with letter I in it. 0%-3.5% (FHA & VA loans) 3% (conventional loans)
  • 580 - 680
Circle with letter I in it. 580 FHA 620 other mortgage products
Apply Now for Rocket Mortgage®

Full Alliant Credit Union Mortgage review

This mortgage lender is a good fit for: First-time home buyers and other buyers who want to keep their upfront costs at a minimum.

Pros

  • Home Rewards program to earn cash back
  • Easy-to-use rate-checking tool
  • Variety of term lengths to choose from
  • No application fees
  • HELOCs with flexible terms

Cons

  • Application process is not fully online
  • No physical branches

Top perks

Here's a look at some of the features offered by Alliant Credit Union Mortgage.

Broad menu of loan options

Alliant has expanded its mortgage menu to include government-backed loans in addition to conventional mortgages, doctor loans, and jumbo loans.

  • FHA loans. The FHA loan program allows a 3.5% down payment and may have more flexible qualification requirements.
  • VA loans. VA loans are for the military and DoD community, and have no down payment requirement.
  • USDA loans. The USDA loan helps low- and moderate-income borrowers buy a home for zero down, usually in rural areas.
  • Doctor loans are for medical professionals who have high debt, high earning potential, and insufficient savings to cover a 20% down payment. Qualified applicants can get a mortgage up to $776,551 with no down payment. Bigger loans require a down payment of at least 5%.
  • Conventional loans are mortgages that aren't backed by the federal government. They can be a little harder to qualify for compared to FHA, VA, and USDA loans.
  • Jumbo loans are for amounts larger than the conforming loan limits that apply to government-backed loans.

Easy and detailed loan estimates

Alliant has an easy-to-use rate-checking tool and is very transparent about its current rates and fees. The form takes less than a minute to fill out, and you'll be presented with a variety of loan options, with links to view the detailed fee structure for each one. In fact, this is one of the best rate estimator tools we've seen.

Variety of loan terms

Alliant offers fixed-rate mortgages with terms of 15, 20, and 30 years. It also offers adjustable-rate loans with initial terms of 5, 7, and 10 years.

Home Rewards program

Alliant Credit Union's Home Rewards program allows borrowers to earn as much as $6,500 in cash back when buying through an agent in Alliant's Home Rewards program -- or up to twice as much if they buy and sell a home through the program.

HELOCs with flexible terms

Alliant Credit Union offers home equity lines of credit, or HELOCs. Borrowers can take out up to 90% of their home equity. The repayment term is 10 years of interest-only payments, followed by up to 20 years of regular principal plus interest payments. Lines of $250,000 or less have no closing costs or appraisal fees.

What could be improved

Not fully online

Alliant's pre-approval application is online and takes about 15 minutes. But to complete the actual mortgage application, you'll need to discuss it over the phone with a loan officer.

Limited HELOC repayment options

Ten years is a long time to make payments that don't make a dent in the amount that you owe. It would be nice to be offered repayment options designed to help you get out of debt.

No physical branches

Alliant is for the digital consumer. There are no physical branches open to the public, so you won't have the option to talk with a loan officer in person.

How to qualify

The actual loan qualifications for an Alliant mortgage depend on the type of loan you're getting. For standard conventional mortgages, expect to need a credit score of at least 620, as prescribed by Fannie Mae and Freddie Mac's guidelines. You'll also need to meet a debt-to-income requirement determined by your other qualifications.

To qualify for any mortgage loan through Alliant Credit Union, you'll need to be a member. This is standard practice for any credit union, and if you aren't a member, you can join after you receive a decision about your loan application.

Customers can start the application process for an Alliant mortgage loan online, or they can contact one of Alliant's loan officers, all of whom are listed on the company's mortgage home page. Alliant also offers the ability to get pre-approved online. The application can be completed in about 10-15 minutes.

How are Alliant Credit Union's refinance rates?

Alliant offers both rate-and-term and cash-out refinancing loans, and its refinance rates are generally below national averages. Rates tend to be slightly higher for cash-out refinancing, but in general Alliant's rates are competitive with the refinance rates you'll find with other lenders.

How are Alliant Credit Union's rates compared to the national average?

Alliant Credit Union rates trend about the same to a little below the national average. Just remember that mortgage rates fluctuate over time.

Alliant Credit Union Mortgage is right for you if:

Alliant is a solid all-around lender, but can be a good fit for first-time home buyers. It provides a lot of information to help you understand what you're being offered so you can compare loans. Transparency is a breath of fresh air in a sometimes overwhelming process.

Alliant is also a great choice if you're a medical professional with high debt, high income, and low savings.

If you are buying in an area that might qualify for a USDA loan, give Alliant a call. Not all lenders offer USDA loans, and Alliant's rates are competitive.

FAQs

  • Alliant Credit Union's mortgage rates are generally on par with the national average. Rates fluctuate over time.

  • It depends what you're looking for. If you want a conventional mortgage loan Alliant could be a great fit. Alliant offers all varieties of government-backed mortgages, so if you're researching FHA, VA, or USDA loans, you can get all the details you need.

  • Yes. Alliant offers both rate-and-term and cash-out refinancing loans, with rates on par with national averages. You can easily check Alliant's current refinancing rates with its rate estimator tool on its website.

  • To qualify for a mortgage loan through Alliant Credit Union, you'll need to be a member, and if you aren't, you can join during the application process.

    Customers can apply for an Alliant mortgage loan online, or they can contact one of Alliant's loan officers, all of whom are listed on the company's mortgage home page. Alliant also offers the ability to get pre-approved online in about 10-15 minutes.

  • Alliant offers conventional mortgages for both purchases and refinances. It offers loans for mortgages with conforming balances, as well as jumbo loans and loans designed specifically for physicians.

    It also offers government-backed loans, including FHA, VA, and USDA loans.