Alterra Home Loans Mortgage Review

About Alterra Home Loans

Alterra Home Loans

Alterra Home Loans is a division of Venta Financial Services, a full service Residential Mortgage Lender. With offices in several states across the country, Alterra is big enough to compete with national banks, but small enough where every client matters. The Alterra Home Loans Team is committed to providing clients with the highest quality service combined with the lowest mortgage rates available. Whether you are a first time home buyer, purchasing your dream home, refinancing an outstanding loan, or consolidating debt our highly experienced team of mortgage bankers can meet your home lending needs.

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What is Alterra Home Loans?

Alterra Home Loans launched in 2007. The company is headquartered in Las Vegas; and from October 2016 to May 2017, it closed more than $1.8 billion in loans, according to the U.S. Small Business Administration.

Alterra Home Loans is 100% minority-owned and focuses on lending to traditionally underserved communities, including Latino and African-American borrowers.

The website provides basic information on the company’s loan products, a tool for locating a local office and a pre-qualification questionnaire designed to collect buyer information so a loan officer can follow up with a phone call or email.


Working with Alterra Home Loans

Alterra Home Loans is currently licensed to do business in 33 states and the District of Columbia.

  • Alabama
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Louisiana
  • Maryland
  • Michigan
  • Minnesota
  • Mississippi
  • Nebraska
  • Nevada
  • New Mexico
  • New Jersey
  • North Carolina
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • South Carolina
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Washington
  • Wisconsin

In Alabama, Colorado, D.C., Delaware, Iowa, Kansas, Maryland, Michigan, Mississippi, Nebraska, North Carolina, Ohio, South Carolina, Tennessee, Utah and Wisconsin, the company is licensed to do business but does not have a brick-and-mortar location.

The minimum credit score needed to get a loan with Alterra Home Loans depends on the type of mortgage you want. The lender requires a minimum credit score of 580 for FHA loans. For a home renovation loan, the minimum credit score is 620.

Alterra Home Loans prides itself on doing everything possible to help borrowers get the homes they want. “Where others stop, we keep fighting,” the website says. That could be helpful for borrowers who do not meet standard requirements but are still good candidates for loans.

The lender issues loans for:

  • Single-family homes
  • Multi-family homes (up to four units)
  • Condominiums
  • Planned-unit developments
  • HUD REO (real estate owned by the U.S. Department of Housing and Urban Development)

Alterra Home Loan products

Purchase

Alterra may offer additional purchase loan options, including HomeReady and Home Possible mortgages. Borrowers should contact the lender directly for more information.

Refinance

Home equity

Alterra Home Loans special mortgage programs

  • I-TIN Loans. These loans are available to potential homebuyers without a Social Security number who want to buy a home in the U.S. I-TIN loans are 30-year, fixed-rate loans that require a 20% down payment. These loans have interest rates and closing costs that are generally higher than those available through a conventional loan, but they’re one of the few options available to undocumented immigrants and U.S. resident aliens who aren’t eligible for a Social Security number and may not have a credit score. To qualify, the property must be owner-occupied; no investment properties are allowed.
  • Non-conventional loans. These loans are designed for borrowers who might have a difficult time qualifying for other loan products because they are self-employed, need a jumbo loan, want to buy a non-warrantable condo or have a recent foreclosure, bankruptcy or short sale on their credit report. Non-conventional loans are typically shorter-term loans and come with higher closing costs and charge points. But they can be a good alternative to hard-money loans.

The mortgage application process

There is little information about the Alterra Home Loans mortgage process available on the company’s website, and a company representative was not available to answer questions. Here’s what we know based on the information available.

How to apply. You can start the application process online by clicking the Apply Now button at GoAlterra.com. This brings you to an eight-step questionnaire designed to gather some basic information about you, the type of loan you’re looking for and the kind of property you want to buy. You must provide an email address to complete the form. After completing the pre-qualification form and providing your contact information, you will be contacted by a loan officer who will walk you through the application process and help you select the right loan for your situation.

If you’d rather skip the online application, you can call Alterra at (844) 400-4565 or use the search tool to locate a loan officer near you.

Mobile application. Alterra Home Loans has a mobile app, Pronto. The application allows you to start the application process, securely upload required financial documents, chat with your lender and check the status of your loan application from a mobile device.


Pros and cons of an Alterra Home Loans mortgage

Pros

  • Wide variety of products
  • Accepts borrowers without Social Security numbers
  • Has a convenient mobile app
  • Focuses on underserved communities
  • Accepts low down payments
  • Has first-time homebuyer programs

Cons

  • Website lacks detailed information
  • Loan officers not available in all states
  • Does not offer home equity loans or lines of credit

Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.

The information in this article is accurate as of the date of publishing.