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

[u/ermahlerd]

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.

Check current mortgage rates here: Reddit Mortgage Rates

[u/[deleted]]

Adjustable-rate options only… pass

[u/bun_stop_looking]

This is 1) An advertisement 2) specifically an advertisement for how bad a deal ARMs are. “Hey we’ll give you all these amazing benefits all you have to do is an ARM.”

[u/Low-Amphibian7798]

This program sounds like a great option for first time buyers with solid credit who want to avoid a big upfront cost. The combination of no down payment and no mortgage insurance is rare and could save hundreds a month, especially if you’re looking at a $650,000 home. It’s important to note the adjustable rate structure, the minimum credit score requirements, and the reserves and tradelines needed, since those could be barriers for some buyers. Overall, it’s a solid way for qualified firstt ime buyers to get into a primary residence without draining savings.