Alterra Home Loans Review 2026
What LendingTree experts say: Alterra Mortgage is best for both first-timers and prospective homebuyers in underserved communities.
See how we reached our verdict below.
- Gears loan products toward underserved borrowers
- Offers loans with no SSN required
- Has an easy-to-navigate website
- Isn’t available in all states
- Doesn’t offer home equity loans
- Doesn’t publish rates online
Overview: Alterra Home Loans
Alterra Home Loans is a national mortgage company that’s been in business since 2007 and is geared toward first-time homebuyers in underserved markets. The company strives to help close the homeownership gap between nonminority and minority households by offering a range of loan products, including options for U.S. residents without a Social Security number.
What LendingTree experts say
Alterra may be a good option for first-time homebuyers due to its low 2.7% rejection rate. It also could be a solid choice for borrowers with higher debt-to-income (DTI) ratios (DTI) ratios
- Areas of service: More than 40 states plus the District of Columbia
- Digital service: You can begin the mortgage application process online and, after you’re a customer, make mortgage payments online.
- Headquarters: 6111 S. Buffalo Drive, Suite 240, Las Vegas, NV 89113
- Website: GoAlterra.com
Alterra rates and fees
Rates
Alterra Home Loans doesn’t publish mortgage rates on its website, so buyers can’t easily compare its rates with those of other lenders. However, Alterra extended mortgages across all loan types at an average interest rate of 6.55% in 2024, according to data from the Federal Financial Institutions Examination Council (FFIEC).
National mortgage data show that in 2024, Alterra offered rates that were 0.42 percentage points higher than the average prime offer rate (APOR), which is what a lender would typically charge a typical well-qualified borrower (lower rate spread means a less expensive loan). The average rate spread was 0.84 across more than 40 lenders in 2024.
Fees
The average total cost of taking out a home loan with Alterra was $12,406 in 2024. That amount includes origination fees and other closing costs and fees that are rolled into the cost of the loan. Alterra’s loan costs are higher than the average across lenders, which was $7,141 in 2024.
Alterra offers virtually no information on its website about the exact types of fees it charges or the cost of each of those fees. If you apply for a loan with Alterra, fees will be disclosed to you in writing during the mortgage process.
Alterra doesn’t disclose or advertise any discounts on its website. However, it may be a good idea to ask about discounts when you speak with a mortgage loan officer. Some lenders offer different types of discounts, like a certain percentage off your mortgage rate that can save you thousands in interest charges over the life of the loan.
What types of mortgage loans does Alterra offer?
Alterra offers a variety of mortgage products, including both conventional and government-backed loans. Learn more about Alterra’s available loan options and the qualification requirements for each program below.
Alterra home loan products include:
Alterra offers conventional loans to purchase or refinance a home. If you make at least a 20% down payment, you can get a conventional mortgage without paying for private mortgage insurance (PMI). Conventional loans are generally designed for buyers with higher credit and more savings.
Conventional loan qualification requirements
- Minimum 640 credit score
- Minimum down payment not disclosed (20% needed to avoid PMI)
If you’re an immigrant and you don’t have a Social Security number yet, you may still qualify for an Alterra home loan with an individual taxpayer identification number (ITIN). Even better, your down payment could be as low as 3.5%. Reach out to an Alterra loan officer to learn more about this program.
Alterra Home Loans offers FHA loans — which are backed by the Federal Housing Administration — to purchase or refinance a home. These loans allow lower credit scores and down payments than conventional loans.
FHA loan qualification requirements
- Minimum 580 credit score
- Minimum 3.5% down payment
Alterra Home Loans offers VA loans backed by the U.S. Department of Veterans Affairs to purchase or refinance a home. These loans are available exclusively to active service members and honorably discharged U.S. military veterans and their families.
VA loan qualification requirements
- Minimum 580 credit score
- No minimum down payment for eligible borrowers
- Discharge documents DD214 for proof of service required
Alterra Home Loans offers USDA loans backed by the U.S. Department of Agriculture for borrowers who wish to buy a home in a rural area. The minimum credit score requirement for USDA loans is a bit higher than for other types of government loans.
USDA loan qualification requirements
- Minimum 620 to 640 credit score
- No minimum down payment for eligible borrowers
- Must buy a home in a designated rural area
Alterra Home Loans mortgage qualifications
| Credit score minimum | 580 to 640 |
| DTI ratio maximum
Maximum DTIs gathered from 2024 HMDA data.
| Conventional: Not specified FHA: Not specified VA: Not specified USDA: Not specified |
| Down payment minimum | Conventional: Not specified FHA: 3.5% VA: 0% USDA: 0% |
Don’t know your credit score? Get your free score on LendingTree Spring today.
Alterra doesn’t disclose the exact minimum mortgage requirements it uses to approve or deny your application. However, based on nationwide data from 2024, we can say that the average loan-to-value (LTV) ratio for approved Alterra customers was 84%.
In that same year, Alterra rejected 2.7% of its mortgage applications — that’s on the low end compared to other lenders. By comparison, many large lenders have denial rates in the low teens up through the mid-thirties.
How to apply for an Alterra mortgage
1. Choose your loan type
Click on the “Apply Now” button on the Alterra home page at GoAlterra.com. Then, choose one of three options: Purchase, Refinance or Renovation. To get a loan, choose your state, the type of property you plan to buy (single- or multifamily) and whether you’re a first-time homebuyer. Then enter your estimated purchase price, down payment and contact information. An Alterra Home Loans representative will contact you to complete your application.
2. Get prequalified
Getting prequalified or preapproved for a mortgage is a crucial step in the homebuying process, as it allows you to determine how much house you can afford. Preapproval is a slightly more stringent process than prequalification.
3. Submit a loan application
Once you’ve found the home you wish to purchase, submit your loan application. After you’re approved for a loan, you can get a mortgage rate lock for a set time period and make an offer on the home.
Find out more about how to apply for a mortgage.
- Identification, such as a driver’s license or passport
- Tax documents
- Bank statements
- Pay stubs
- Debt and asset statements
- Gift letters (if you’re using gifted funds)
Is it safe to get prequalified with Alterra Home Loans?
Yes, it’s safe to get prequalified or preapproved with Alterra Home Loans. If you choose preapproval, Alterra will typically do a hard credit pull, a thorough credit check that can cause your score to dip temporarily.
Getting prequalified or preapproved helps you learn about the amount of home you can afford and the interest rate you’re likely to qualify for when you formally apply. Doing so can also signal to real estate agents and sellers that you’re serious about buying a home.
Alterra’s customer service experience
You can contact Alterra Home Loans by phone or fill out an online form with your contact information to have a representative contact you.
- Phone: 844-400-4565
If you prefer, you can click on your state to see a list of local Alterra loan officers. You can then click on a loan officer’s profile to view their bio, email, phone number and other information.
However, Alterra’s customer service may fall a bit short for homebuyers who are seeking a fully digital support experience, as there’s no way to chat with a customer service agent online and no customer service email address is provided.
Others may find it frustrating to enter their information and wait to be contacted. However, those who prefer a personal touch will likely appreciate the ability to browse loan officers in your state, choose one that seems like a fit and contact an individual directly to apply for a home loan.
How does Alterra compare to other lenders?
|  |  |
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| LendingTree’s rating |
Expert review from LendingTree.
Back to our Alterra Home Loans summary |
Expert review from LendingTree.
Read our Alterra vs. Lower Mortgage comparison |
Expert review from LendingTree.
Read our Alterra vs. Newrez comparison |
| Minimum credit score | 580 to 640 | 500 | 500 |
| Minimum down payment | 0% to 3.5% | 0% to 1% | 0% to 3.5% |
| Rate spread
Rate spread is the difference between the nationwide average conventional loan rate and the average rate the lender offered to mortgage customers in 2024. The higher the number, the more expensive the loan.
| 0.42% | 0.44% | 0.74% |
| Loan products and programs |
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| Better for: | Borrowers in underserved communities looking for high approval odds. | Borrowers who prefer an online-focused mortgage experience and those seeking home equity loans. | Borrowers who are considering multiple loan types. |
Alterra Home Loans vs. Lower Mortgage
Lower Mortgage is an online mortgage lender based in Ohio that offers a wide range of products, including home equity loans and HELOCs, which Alterra Home Loans doesn’t offer. Lower Mortgage may be a better fit for borrowers seeking a wider range of loan options and those who prefer a digital-first experience. However, homebuyers looking for better chances of approval might want to consider Alterra, which had an application denial rate of 2.7% in 2024 compared with Lower Mortgage’s 12.7% denial rate.
Read more in our full Lower Mortgage review.
Alterra Home Loans vs. Newrez
Newrez (formerly Caliber Home Loans) is an online mortgage lender that offers a wide variety of loan options, including conventional and government-backed loans, as well as investment property loans. However, its rates aren’t as competitive as they could be — its rate spread is 0.74, which is higher than both Alterra and Lower Mortgage.
Read more in our full Newrez mortgage review.
LendingTree rating: Alterra Home Loans
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
Alterra’s scorecard:
❌ Publishes rates online
✅ Offers standard mortgage products
⭕ Includes detailed product info online
✅ Shares resources about mortgage lending
⭕ Provides an online application
Frequently asked questions
Alterra Home Loans offers a user-friendly website that’s easy to navigate with nice graphics, but it doesn’t offer a fully online experience. For example, its “online application” prompts you to make a few choices and enter your contact information so the company can contact you to begin the home loan application process. But if you’re already an Alterra customer, you have the option to pay your mortgage online.
Yes, Alterra is a legitimate mortgage lender that’s a part of Panorama Mortgage Group. The company is based in Las Vegas and has been in business since 2007. Alterra aims to close the homeownership gap between minority and nonminority U.S. households by offering a variety of home loan products to underserved borrowers.
You can view more info about Alterra’s state licenses and registrations through the Nationwide Multistate Licensing System and Registry (NMLS) website.
Applying for an Alterra home loan does affect your credit score, as mortgage companies do a credit check known as a “hard pull” that can cause a temporary decline in your score. A LendingTree study found that getting a mortgage causes credit scores to fall by about 20 points, on average, but scores tend to recover within a year. This slight decrease in your credit score is a normal part of the homebuying process.
Alterra Mortgage has a 4.2 (out of 5) star rating on TrustPilot, which is considered a “great” rating. However, this rating comes from only eight reviews, which doesn’t offer enough information to get a true picture of customers’ experiences.
Borrowers who left positive reviews for Alterra cited smooth communication, quick preapproval and a streamlined process. On the other hand, one negative review mentioned poor communication and a loan rejection as reasons for their dissatisfaction with the lender.
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