Alliant Credit Union Physician Mortgage Review (2024)

For medical professionals who want to reach their financial goals, Alliant Credit Union has a unique way to help you achieve homeownership. This in-depth review will take a closer look at the features, benefits, and possible downsides of the Physician Mortgage Loan by Alliant Credit Union. Understand this information to allow you to make an informed decision about whether this specialty loan is right for you when you are looking to purchase either your first home or a second home.

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What Is Alliant Credit Union?

Alliant Credit Union is a digital credit union in the U.S. It serves more than 800,000 members and has over $15 billion in assets. Unlike regular banks, credit unions are run by their members. This means they focus on what is best for their members. This setup usually leads to better interest rates, lower fees, and more personal service. In fact, Alliant was named one of CNBC’s Top Credit Unions for November 2023 and one of Money.com’s Best Banks for America.

Alliant Credit Union stands out because it offers easy and helpful financial products. They use technology and smart partnerships to give their members a smooth digital experience.

The History and Mission of Alliant Credit Union

Alliant Credit Union started in 1935 in Chicago, Illinois. It was first created for United Airlines workers. Over the years, Alliant grew. They began to accept members from other employer groups and then opened up to individuals all over the country.

Alliant’s mission is to help its members achieve financial wellness. They want to offer personal financial solutions that empower members, especially those looking for easy-to-reach and affordable financial products. These products are made to help them achieve their goals.

Today, Alliant Credit Union is an important player in the financial world. Their focus on technology, great rates, and a strong commitment to the financial success of their members makes them a trusted choice for many Americans.

Alliant Credit Union Physician Mortgage Highlights

Alliant Credit Union understands that medical professionals have special financial needs. That’s why they created a specific loan program called the Physician Mortgage Loan. This program is designed to help doctors, dentists, and other healthcare workers with the financial challenges they often face.

The loan program has many benefits. It offers 100% financing options and allows for flexible income ratios. Under certain conditions, it can also leave out student loan debt from the assessment process. This tailored approach helps busy medical professionals navigate the path to homeownership more easily.

Unique Features of the Physician Mortgage Loan

Up to 100% financing: Less money needed upfront for your new home.
No Mortgage Insurance Needed: A key benefit of the Alliant Credit Union Physician Mortgage Loan is that it does not require Private Mortgage Insurance (PMI). This applies even if you have a 100% financing option. This saves borrowers a lot of money since PMI can raise monthly mortgage costs by hundreds of dollars.
Flexible Income Ratio Rules: Alliant Credit Union understands that many medical professionals have high student loan debt. That’s why they offer more flexible rules for the debt-to-income ratio. This makes it easier for borrowers to qualify compared to regular loans.
Good Fixed Rates: The Alliant Physician Mortgage Loan lets you lock in a competitive fixed interest rate. This means you can count on stable monthly payments and avoid surprises from interest rate increases.

Alliant Credit Union Physician Mortgage Alternatives

While Alliant Credit Union has a great package for medical professionals who need mortgage solutions, it is smart to look at other well-known lenders too. This helps you compare options and make sure you get the best terms for your financial needs.

Truist Bank

Truist Bank also offers 100% financing for up to $1 million for an NMLS property. Unlike First Horizon, Truist offers these physician mortgages for the purchase or refinancing of private residences.

It has all the major components of a physician mortgage, such as no PMI, a relaxed debt-to-income requirement for student loans, and the ability to choose between fixed-rate or ARM.

Truist Bank may be a new name, but it was born from a merger between two long-standing banks: BB&T and Suntrust Bank.
To learn more about what Truist Bank can offer you, read our full review.

First National Bank

What sets First National apart from other banks offering physician mortgages?

You can secure a loan with them for both primary and secondary homes.

There aren’t many banks that offer these terms for secondary homes, so if you’re in the market for Home #2 and want the same benefits provided by a physician mortgage, First National could be your best bet.

First National also offers these loans for purchases or refinancing and even provides 100% financing for homes costing up to $1 million.
Physicians with the title of MD, DO, DDS, DMD, DVM, and PharmD are eligible to apply.

Want to learn more about First National? Read our full review.

US Bank

U.S. Bank does not offer 100% financing (only up to 90%), but it is not without its benefits.

For instance, they will loan a physician mortgage for any primary residences, including the construction of a new home. These mortgages can have a term length of 30, 20, or 15-year fixed loans, as well as 7 and 5-year ARMs.

One downfall of U.S. Bank is that it is very selective with the medical professionals who are eligible for a physician mortgage. However, they consider residents that are six months from completing their residency to be eligible.

To learn more about U.S. Bank’s unique attributes, read our full review.

Is an Alliant Credit Union Physician Mortgage Right for You?

Deciding if an Alliant Physician Mortgage fits your needs means looking closely at your money situation. You need to do a proper analysis of your credit score, debt-to-income ratio, capacity to make a down payment, and long-term financial goals. Do this right so that you may decide whether the program is fit for your situation and if it really supports your home-ownership objective.

As nice as it might be having a low monthly payment, be sure you choose a loan that supports your long-range plans. This could be about paying off loan debt or making investments. Speaking with a knowledgeable mortgage lender, like those at Alliant, can give you expert help to make an informed decision with confidence, free from prepayment penalties.

Pros and Cons of Alliant Credit Union

Choosing Alliant Credit Union as your lender for a physician mortgage presents a unique set of advantages and disadvantages that are important to consider:

Pros:

Opting for Alliant Credit Union can eliminate the need for Private Mortgage Insurance (PMI), potentially leading to significant cost savings over time.
Alliant Credit Union offers flexibility in income ratio requirements, making it easier for medical professionals with diverse income structures to qualify for a mortgage.
The competitive fixed interest rates provided by Alliant Credit Union can be beneficial for long-term financial planning, offering stability and predictability in mortgage payments.
Medical professionals can benefit from personalized assistance tailored to their specific needs and circumstances, ensuring a seamless mortgage application process.

Cons:

Membership with Alliant Credit Union is a prerequisite to access their physician mortgage options, which may require additional steps for eligibility.
Unlike traditional banks, Alliant Credit Union has a limited physical branch network, potentially impacting the convenience of in-person banking services for some customers.

So, weigh the pros and cons described above against your financial goals to make the final decision about Alliant Credit Union being the physician mortgage lender to consider. You will be able to make a smart choice concerning this plan—something that will work well for you—based on how perfectly the aspect of this plan suits your particular situation.

Key Takeaways

When looking at mortgage options, it is important to match them with your financial goals and priorities. Alliant’s Physician Mortgage Loan helps medical professionals buy a home. It offers good interest rates and special features designed for their needs, with personalized customer service from a dedicated mortgage loan officer. But, make sure to do your research. Comparing options from different lenders can help you get the best terms.

Summary of Benefits and Considerations

Alliant offers a Physician Mortgage Loan that can save you money because it does not require PMI. It also has flexible rules about credit scores and debt-to-income ratios. Borrowers can pick from different fixed-rate loan options with rates that are competitive. This gives you stability in your monthly payments.

Keep in mind that they are a credit union, so you need to be a member to use their loans and services. Also, their focus on online banking may not work well for those who like to bank in person.

Working with an Unbiased Physician Mortgage Broker

Navigating the mortgage landscape, especially for medical professionals with demanding schedules, can prove challenging. An unbiased physician mortgage broker serves as a valuable resource by comparing various loan options, including those from Alliant Credit Union and other lenders, to find the best fit for your unique story.

Whether you’re a first-time homebuyer, a seasoned homeowner seeking refinancing, or a resident just beginning your medical career, a physician mortgage broker can simplify your search greatly by connecting you with lenders that can help with your next physician mortgage. This is especially valuable for residents of rural areas with limited access to large lenders, as brokers can connect them with nationwide options like Alliant Credit Union. To get started, request your physician mortgage rates from LeverageRx.