CHICAGO—Alliant Credit Union has introduced a new zero down payment mortgage program.
The Alliant Advantage Mortgage (AAM) program has two options: its “premier” 0% down product for first-time homebuyers offers loan amounts up to $500,000 with various term options available and no private mortgage insurance (PMI) requirement; as well as an AAM that features a 5% down product on loan amounts up to $650,000 that does not require consumers to be first-time homebuyers and also eliminates PMI.
“We know that saving for a huge down payment is often the biggest obstacle people face when buying a home and that PMI is a large pain point for homeowners who haven’t reached 20% equity in their home,” said VP-Residential Lending Jerrold Anderson in a released statement. “Our new program addresses both of those issues. We are always looking at ways to give consumers a better value, and our member-first mission is reflected through our excellent rates and programs like AAM.”
Alliant Credit Union also includes two 3% down products – one for first-time homebuyers – and competitive rates across the board.
“Homeownership is a goal for many Americans, and sometimes it can feel out of reach,” Anderson said. “Alliant wants to make homeownership easier, less overwhelming and more attainable through our products and services.”
Alliant said it also is currently offering discounts on closing costs for purchases. The credit union is not offering the products in Florida or Nevada.