Alliant Credit Union announced several new mortgage offerings and a home construction loan.
The credit union partnered with Zillow, Bankrate, and LendingTree to bring about the new products, which are available to a broad range of buyers.
“Helping Americans achieve their financial goals, including homeownership, is at the core of Alliant’s mission,” said Dan Bauer, Head of Residential Lending for Alliant Credit Union.
“Our collaboration with Zillow, Bankrate, and LendingTree helps expand accessibility to these offerings. Alliant believes that every home tells a unique story, and we are honored to be a part of our people’s journey in creating their own narratives of home and hearth.”
Alliant will offer a FHA mortgage loan, geared toward first-time buyers and allowing for a minimum 3.5% down payment. The funds for the down payment can be 100% gifted, as well.
Its VA loan offers a 0% down payment option to veterans and does not require monthly mortgage insurance. The same is true for Alliant’s Doctor program, exclusively for medical professionals.
The USDA loan will be available to borrowers in certain rural housing areas and offers a 0% down payment and reduced mortgage insurance.
Finally, Alliant introduced a unique one-time close construction loan which automatically converts to a permanent end-loan mortgage upon project completion.
Chicago-based Alliant Credit Union, one of the nation’s largest, is a not-for-profit financial cooperative with more than 800,000 members and more than $19 billion in assets. It was named one of CNBC’s Top Credit Unions for November 2023 and one of Money.com’s Best Banks for America.
Meredith Ritchie, its General Counsel and Chief Ethics and Government Affairs Officer, was named one of American Banker’s Most Powerful Women in Credit Unions for 2023.