Paving the Path to Homeownership, Alliant Credit Union Launches New Mortgage Offerings

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Dec 07, 2023, 06:00 ET

Empowering people to purchase homes, Alliant announces mortgages for veterans, residents of rural areas, physicians and first-time home buyers (FHA), along with loans for new home construction

CHICAGO, Dec. 7, 2023 /PRNewswire/ -- Aiming to make the dream of home ownership a reality for more Americans, Alliant Credit Union announced several new mortgage offerings and a new home construction loan. Alliant, one of the nation's largest credit unions, is partnering with real estate industry giants Zillow, Bankrate and Lending Tree to bring the new products to more people.

Recognizing the challenges posed in a landscape of soaring mortgages and home prices, Alliant is committed to enabling more Americans to achieve their homeownership goals. From helping financially challenged individuals, supporting veterans, people living in rural parts of the nation and doctors, the new offerings include:

FHA (Federal Housing Administration) mortgage: Tailored for its first-time homebuyers, this product allows for a minimal 3.5% down payment, with the flexibility for funds to be 100% gifted.
VA (Veterans Affairs) mortgage: Exclusively for veterans, this product offers a 0% down payment option, coupled with the advantage of no monthly mortgage insurance.
USDA (United States Department of Agriculture) mortgage: Geared towards borrowers in qualified rural housing areas, this product enables a 0% down payment and provides reduced mortgage insurance options.
Construction loans: Alliant Credit Union introduces a unique one-time close product, facilitating financing during the construction phase, automatically converting to a permanent end-loan mortgage upon project completion.
Doctor program: Tailored for medical professionals, this program offers a 0% down payment option and eliminates the need for mortgage insurance.

"Helping Americans achieve their financial goals, including homeownership, is at the core of Alliant's mission. We are committed to leveraging technology, forging strategic partnerships and offering diverse products to make the path to homeownership smoother and more inclusive. 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."

Partnering with renowned industry leaders Zillow, Bankrate and LendingTree Alliant is extending its reach and accessibility to a broader audience, providing prospective homebuyers with a trusted and reliable resource for their mortgage needs.

About Alliant Credit Union:
Alliant Credit Union is a not-for-profit financial cooperative with more than 800,000 members and more than $19 billion in assets. Alliant was named one of CNBC's Top Credit Unions for November 2023 and one of Money.com's Best Banks for America. Headquartered in Chicago and founded in 1935, Alliant is the largest credit union in Illinois and one of the largest credit unions in the United States. As an all-digital credit union, Alliant's mission is to provide members with a tech-forward banking experience coupled with consistent, superior financial value, while simplifying and enabling how people save, borrow, and pay.

SOURCE Alliant Credit Union