Alliant Credit Union Mortgage Review 2024
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
Not disclosed
0% to 5%
Conventional, FHA, VA, USDA, jumbo, refinance, HELOC loans
See how we reached our verdict below.
- Several home purchase and refinance mortgage products available
- Low-down-payment and first-time homebuyer programs
- Cash rebate program
- Credit score requirements not disclosed
- Rate spread is on the high side
- No physical branches
Alliant Credit Union mortgage overview
Alliant Credit Union is a digital credit union headquartered in Chicago that serves over 800,000 members nationwide. Like other credit unions, it’s a nonprofit financial cooperative in which credit union members are also co-owners of the institution.
- Areas of service: All 50 states and Washington, D.C.
- Digital service: Online-only lender
- Headquarters: 11545 W. Touhy Ave., Chicago, IL 60666
- Website: AlliantCreditUnion.org
Alliant Credit Union rates, terms and fees
Rates
Alliant Credit Union publishes its lowest rates online for fixed- and adjustable-rate mortgages, but rates will vary based on the data in your loan application.
Compared to other major lenders, Alliant’s average mortgage rates are high, sitting 2.06 percentage points above the average prime offer rate (APOR) in 2023. The APOR is a benchmark rate calculated by the Consumer Finance Protection Bureau (CFPB) and used to identify higher-priced mortgage loans.
Alliant saw its rate spread increase by 1.56 percentage points from 2022 to 2023.
Fees
The average cost of taking out a home loan with Alliant was $5,259 in 2023, according to Federal Financial Institutions Examination Council (FFIEC) data. This lender shares all of its fees on its website.
Alliant doesn’t charge any escrow waiver or application fees. Other fees you will be charged include an origination fee ranging from $995 to $1,795 depending on the loan type and term.
Overall, Alliant’s average total loan cost and origination fees are lower than most competitors.
What discounts does Alliant Credit Union offer?
The Alliant Home Rewards Program matches you with a real estate agent and an Alliant loan officer. If you close on a home with your assigned real estate agent, you receive a reward of $350 to $6,500.
With the Alliant Advantage Mortgage (AAM) program, you can qualify for a 0% down payment on loan amounts up to $650,000 if you’re a first-time homebuyer and a 5% down payment if you’re a repeat homebuyer, and you don’t have to get private mortgage insurance (PMI).
What types of mortgage loans does Alliant Credit Union offer?
Alliant Credit Union offers a variety of home loans including:
Conventional loans
Alliant Credit Union offers several types of conventional loans: fixed-rate mortgages, adjustable-rate mortgages, cash-out refinances and rate-and-term refinances.
Conventional loan qualification requirements
- Minimum 0% down payment for first-time homebuyers
- Minimum 5% down payment for repeat buyers
FHA loans
Alliant offers FHA loans, or home loans backed by the Federal Housing Administration (FHA), which may have more lenient credit score requirements.
FHA loan qualification requirements
- 3.5% minimum down payment
VA loans
Alliant underwrites VA loans available through the U.S. Department of Veterans Affairs (VA) to service members and surviving spouses. These loans may offer more competitive interest rates.
VA loan qualification requirements
- No down payment option
- No mortgage insurance required
USDA loans
Alliant offers USDA loans, which are mortgages backed by the U.S. Department of Agriculture for borrowers looking to buy in eligible rural areas.
USDA loan qualification requirements
- Minimum down payment of 0%
- Reduced mortgage insurance options
Jumbo loans
Alliant offers fixed- and adjustable-rate jumbo loans, which are mortgages that exceed loan amount limits set for conventional loans.
Jumbo loan qualification requirements
- Low down payment option for borrowers with excellent credit on loans of up to $1 million
- Minimum credit score of 620
Home equity lines of credit
Alliant underwrites home equity lines of credit (HELOCs) with a 10-year interest-only draw period and a repayment period of up to 20 years.
HELOC qualification requirements
- Maximum 85% loan-to-value (LTV) ratio
Alliant Credit Union mortgage qualifications
| Credit score minimum | Not disclosed |
| DTI ratio Debt-to-income (DTI) ratio compares your monthly gross income to your monthly debt payments. maximum | Conventional: Not disclosedFHA: Not disclosedVA: Not disclosedUSDA: Not disclosed |
| Down payment minimum | Conventional: 0% to 5%FHA: 3.5%VA: 0%USDA: 0% |
Don’t know your credit score? Get your free score on LendingTree Spring today.
How to boost your loan approval odds
While Alliant doesn’t disclose the requirements it uses to approve and deny mortgage loan applications, nationwide data from 2023 shows that most approved applicants had a debt-to-income (DTI) ratio below 40%. The average loan-to-value (LTV) ratio of approved applicants was 74%.
Alliant denied about 41% of home loan applicants in 2023. That’s high compared to other large lenders, many of which have rejection rates of 20% or lower.
How to apply for an Alliant Credit Union mortgage
1. Choose your loan type
Go to AlliantCreditUnion.org and navigate to “Mortgages” under the “Borrow” menu. Scroll to “Types of mortgages Alliant offers,” and select the “Get your customized rates” button.
2. Get prequalified
Fill out the form with some basic information—including your property type, down payment, purchase price and state—to get an idea of the rates you might qualify for.
3. Submit a loan application
Back on the mortgages page, select the “Apply Now” button to begin an application for preapproval. Getting a preapproval letter carries more weight than prequalification, and Alliant allows you to lock in your rate for up to 90 days on purchase and refinance loans.
Documents you’ll need for prequalification or preapproval
- Identification
- Tax documents
- Bank statement
- Pay stubs
- Debt and asset statements
- Gift letters (if you’re using gifted funds)
Find out more about how to apply for a home loan.Is it safe to get prequalified with Alliant Credit Union?
It is safe to get prequalified with Alliant, and the process does not involve a hard credit inquiry. The preapproval application may involve a hard pull on your credit report, but any impact on your credit score will likely be minimal and temporary.
Preapproval is a necessary part of the homebuying process. Sellers may not consider your offer until you get a preapproval letter.
Alliant Credit Union’s customer service experience
Alliant’s customer service is available by phone 24/7, and you can also chat live with a representative through Alliant’s website.
- Phone for U.S. customers: 800-328-1935
- Phone for international customers: 773-462-2000
As a digital-only credit union, Alliant does not offer in-person customer service. However, 24/7 availability via phone and live chat is an advantage compared to lenders that only operate customer service lines during business hours.
How does Alliant Credit Union compare to other lenders?
 |  |  |
|
|---|---|---|---|
| LendingTree's rating | |||
| Minimum credit score | Not published | 620 to 650 | 620 |
| Minimum down payment | 0% to 5% | 0% to 3.5% | 3% |
| Rate spread Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) the lender offered to mortgage customers in 2023. The higher the number, the more expensive the loan. | 2.06% | 0.53% | 0% |
| Loan products and programs |
|
|
|
| Better for | Borrowers who want a variety of options for low-down-payment loans. | Borrowers who want access to in-person service and a full range of banking products. | Homebuyers looking for a conventional or jumbo loan with low rates and a convenient online application. |
Alliant Credit Union vs. PenFed Credit Union
Both Alliant and PenFed offer a full range of home loans and other banking products, although PenFed doesn’t offer USDA loans. PenFed’s conventional loans require a minimum down payment of 3%, whereas first-time homebuyers at Alliant may be able to pay 0% down on a conventional loan. Alliant’s rate spread is much higher than PenFed’s, but its origination fees and average total loan costs are lower according to 2023 FFIEC data.
Alliant is a digital-only credit union, while PenFed operates a few dozen branches around the U.S. PenFed is known for serving military members, but anyone can become a member of either credit union.
→ Read more in our full PenFed Credit Union mortgage review.
Alliant Credit Union vs. Ally Bank
Both Alliant and Ally operate fully online and publish their current mortgage rates on their websites. Unlike Alliant, Ally doesn’t offer any 0% down payment loans or HELOCs. In fact, Ally only offers conventional and jumbo loans, so you won’t be able to take advantage of government-backed home loans with this online bank.
Ally’s rate spread is one of the lowest out there, according to data from 2023. Its origination fees are on the high end. While Ally’s total loan costs are comparable to many other competitors,’ they are almost $2,000 more than Alliant’s.
→ Read more in our full Ally Bank mortgage review.
Ready to compare lender offers on LendingTree? Get Your Rates TodayHow LendingTree rated Alliant Credit Union
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
Alliant Credit Union’s scorecard:
Publishes rates online
Offers standard mortgage products
Includes detailed product info online
Shares resources about mortgage lending
Provides an online application
= 0 points = 0.5 points = 1 point
Frequently asked questions
Alliant allows you to get prequalified and preapproved online, and you can also complete a mortgage application online. You can make your loan payments online or through Alliant’s mobile app.
Yes, Alliant is a legitimate credit union that’s been in operation for over 85 years. The credit union is chartered through the state of Illinois, and its deposit accounts are insured by the National Credit Union Administration (NCUA).
You can view more info about Alliant Credit Union’s state licenses and registrations through the Nationwide Multistate Licensing System and Registry (NMLS) website.
Applying for a home loan can temporarily cause a small dip in your credit score. Taking out a mortgage can also lower your credit score in the short term. However, our credit score study shows that credit scores are unlikely to drop by more than 20 points on average, and they usually recover to pre-loan levels within a year.
Alliant Credit Union has an A+ rating with the Better Business Bureau (BBB) and a 1.9 out of 5 rating on TrustPilot, which is based on just over 60 reviews.
Most TrustPilot complaints revolve around deposit accounts or customer service for RV and personal loans. Another common theme is confusion using the online portal and making loan payments.