First-Time Homebuyer Program ($0 Down, No MI)

If you're buying your first home and have solid credit, Alliant Credit Union offers a standout program that helps you get in the door with no down payment and no mortgage insurance—a rare combo in today’s market.

 Program Highlights

• Up to 100% financing for loan amounts up to $650,000 (requires 740+ credit score)
• 97% financing available up to conforming loan limits (requires 720+ credit score)
• No mortgage insurance required – saves you hundreds per month
• Primary residence only – single-family homes and warrantable condos
• Escrows required for taxes and insurance
• ***Adjustable-rate options Only (ARMs with initial fixed periods of 7 or 10 years)
• No gift funds allowed for down payment or reserves – must use your own assets

 Who Qualifies

• At least one borrower must be a first-time homebuyer, defined as:
  • No ownership in a primary residence in the past 3 years
  • Prior ownership with an ex-spouse may still qualify if you're no longer on title or financially responsible

 Other Key Guidelines

• Minimum credit score: 720–740 depending on loan amount
• Max DTI: 43%
• Reserves: 2 months required
• No 2–4 unit properties, co-ops, or manufactured homes
• Free homebuyer education course required
• Full appraisal required
• Rent history must be clean (0x30 in last 12 months) or a rent-free letter if applicable
• Three active tradelines required (authorized user accounts don’t count)

This program is ideal for buyers with strong credit who want to minimize upfront costs and avoid the long-term expense of mortgage insurance. It’s especially helpful for younger professionals or renters ready to make the leap into homeownership.

If you're a first time homebuyer and would like a quote on this product I can give you one here:    https://www.reddit.com/r/HomeLoans/s/gcHIRSg995