Alliant Credit Union Mortgage Review 2026

Chicago-based Alliant Credit Union started in the 1930s exclusively for United Airlines employees. Since then, it has expanded its membership to anyone who makes a $5 donation to the Alliant Credit Union Foundation, which works to provide equal access to digital technology.

Here at CNBC Select, we love that Alliant offers two specialized zero-down payment mortgages with no private mortgage insurance (PMI) required. First-time homebuyers and physicians can purchase homes with loans up to $625,000 through the lender’s Advantage Mortgage and Physicians loan programs, respectively.

On the downside, Alliant has higher-than-average mortgage rates — which is atypical for a credit union — and does not offer loans in Maryland. Plus, it’s a little logistically complicated if you’re not already a member: you’ll have to join before you apply.

Alliant Credit Union offers conventional, government and jumbo loans in Washington, D.C. and all states except Maryland.

• Fixed-rate: Borrowers keep the same rate for the life of their loan. Alliant offers fixed-rate terms of 15, 20 and 30 years.
• Adjustable-rate: Alliant offers adjustable-rate mortgages with a fixed rate for the first five, seven or 10 years, fluctuating every six months thereafter.
• FHA loans: Backed by the Federal Housing Administration (FHA), these loans require only 3.5% down for borrowers with a 580 FICO score or 10% for borrowers with a 500 FICO score.
• VA loans: Veterans and active-duty service members can apply for this lower-rate loan without a down payment or private mortgage insurance. Lenders typically require a 620 credit score for a VA loan.
• Jumbo loans: A jumbo loan exceeds the conforming limits set by the Federal Housing Finance Agency.
• Physician loans: These specialty loans allow physicians to take out a mortgage with as little as 0% down and no private mortgage insurance.
• Refinancing: Alliant offers cash-out and rate-and-term refinancing.
• Home equity lines of credit (HELOC): Homeowners can borrow against the value of their home. Alliant’s minimum line amount is $10,000. It does not list its maximum.

• Credit score: Not disclosed, but lenders typically require a 620 for conventional mortgages, a 680 for jumbo mortgages, and 580 for FHA loans.
• Down payment: 0% down with the Alliant Advantage Mortgage, 0% for physician loans.
• Debt-to-income ratio: Lenders typically prefer a debt-to-income ratio of 43% or lower.

Alliant offers a special zero-down mortgage geared toward first-time homebuyers as well as other rewards and specialized loans.

Alliant Advantage Mortgage

With this loan, first-time homebuyers borrowing $650,000 or less can put as little as 0% down without private mortgage insurance.

Alliant Home Rewards Program

Any Alliant Credit Union member who gets paired with a HomeStory Real Estate Service broker and closes on a home purchase with that individual can earn $350 to $9,500 in rewards, based on the sale price.

Physician loan

This specialized loan product allows physicians to take out a mortgage with as little as 0% down and no PMI.

Alliant received an A+ from the Better Business Bureau for its transparency, truthful advertising, and its response to consumer complaints, according to the BBB website.

Alliant offers general phone customer service support for members 24 hours a day, seven days a week at (800) 328-1935, but its mortgage-specific customer service is more restrictive, with minimal evening and no weekend hours.

For customer support specific to mortgages, customers can call 866-341-1017 from Monday through Friday, 8 a.m. to 5 p.m. CT. Additionally, prospective and existing homeowners can reach out to one of the dozens of loan officers listed on its site for help.

Here’s how Alliant stacks up to two of our top picks for mortgage providers.

Alliant Credit Union vs. Guild Mortgage

Guild takes the cake in a match-up between these two lenders because it has a more robust array of low-down-payment options. Additionally, buyers don’t need to join a new bank to take out a mortgage with Guild.

Guild also outpaces Alliant when it comes to mortgage types: Guild has several low-down-payment options for a variety of different loan types, including its 1% down program, which provides 2% of the purchase price to qualifying first-time homebuyers who put just 1% down. It also offers several Fannie Mae and Freddie Mac low-down-payment options and a special Zero Down product — a second mortgage that can supplement an FHA loan’s mandatory down payment.

Alliant only has two specialized down payment loan programs, a narrower selection for buyers looking to get a break on a down payment.

Taking a mortgage out with Alliant also requires an extra step — you must become a member to apply for a mortgage, something you don’t have to do with Guild.

Most of the time, that extra step is worth it because credit unions are known for their lower-than-average rates. But Alliant’s rates are higher than the Mortgage News Daily average as of March 12. Alliant’s 30-year fixed-rate mortgage on that day was as low as 6.38%, while the Mortgage News Daily average for a 30-year fixed-rate mortgage was 6.35%.

Alliant Credit Union vs. FourLeaf Credit Union

Alliant and FourLeaf are two large credit unions with relatively easy membership requirements and robust mortgage options. FourLeaf wins on affordability, while Alliant wins on zero-down-payment mortgages.

As of March 12, while Alliant’s 30-year fixed rates could be as low as 6.38%— higher than the Mortgage News Daily average for that day — FourLeaf’s rates for the same type of loan were 6.00%. That’s below the Mortgage News Daily average for that day.

But Alliant has a better array of low-down-payment options. It offers three 0% down options with no private mortgage insurance required (VA loans, Alliant Advantage Mortgage and physician loans). FourLeaf’s only 0% down payment option is a VA loan, which is not available to many prospective customers.

You can apply on Alliant‘s website at any time or by phone by contacting one of Alliant’s mortgage loan officers, whose contact information is listed on the site. It does not have retail locations, so you won’t be able to go in person.

As with all home financing, you’ll need to provide personal information, including a photo ID, Social Security number, pay stubs, and the most recent W-2s during the application process. If you’re self-employed, you’ll also need two years of personal tax returns.

After you fill out an application, you’ll get a call from a loan officer who will prequalify you — also known as your ticket to go home shopping. Once you pick out a home, you’ll go through the underwriting process, which can take a month or two, before you can close on your mortgage and get your keys. In the meantime, the lender will typically conduct a home inspection, a home appraisal, and a title search, which is an investigation to determine whether anyone else has a claim to the property.

Alliant Credit Union may be right for you if you’re a first-time homebuyer or physician looking to make a low-down-payment without the extra cost of private mortgage insurance.

You should also make sure you’re comfortable with joining a credit union — by donating $5 — before you apply for the home loan.

If you want the lowest rate or you live in Maryland, you’ll have to go elsewhere to get what you need.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of home loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties and we pride ourselves on our journalistic standards and ethics.

CNBC Select reviews mortgage products using a variety of criteria, including the types of loans offered, average rates, terms, availability, fees, down payment options, online experience and customer satisfaction. 

In addition, we incorporate findings from independent sources, including J.D. Power’s mortgage origination and servicer studies and the Better Business Bureau.