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Alterra Home Loans Mortgage Review 2022

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Alterra Home Loans is a national mortgage lender based in Las Vegas. The company was founded in 2006 with the mission of helping Hispanic first-time homebuyers. The focus on underrepresented groups has continued — in 2019, 73% of customers were “diverse,” the company says, and 62% were first-time buyers. Alterra Home Loans issues mortgages in 40 states and the District of Columbia.

Who is this lender for?
  • First-time homebuyers
  • Hispanic and Spanish-speaking families
  • People looking to refinance their homes

6/10 LendingTree’s mortgage lender rating

LendingTree’s mortgage lender rating is based on a 10-point scoring system that factors in several features, including digital application and closing processes, available loan products and online and in-person accessibility. LendingTree’s editorial team calculates each rating.

  = 1 pt   = 0 pts

  1.   Application online 
  2.   Product info online 
  3.   Rates listed online 
  4.   Helpful articles about mortgages and homebuying 
  5.   Standard product offerings (Conventional/FHA/VA/USDA)
  6.   Special programs 
  7.   Info about how to qualify for products offered online 
  8.   E-closing availability 
  9.   Licensed in at least 35 states 
  10.   After-hours and weekend access to loan officers 

Alterra Home Loans pros and cons

Pros

  Experience with first-time homebuyers. Alterra Home Loans is focused on increasing homeownership and working with first-time homebuyers.

  Bilingual options. Alterra Home Loans has numerous loan officers who are fluent in both English and Spanish, helping Spanish-speakers navigate the homebuying process.

  Digital mortgage process. Alterra offers a fully online experience, from virtual consultations and home showings to online closings.

Cons

  Little product information online. The Alterra website doesn’t offer information on the types of mortgage products it has available or the rates it offers. You’ll have to contact a loan officer to gather details.

  Not available in all states. Alterra is licensed to lend in 40 states and the District of Columbia, so you might not be able to use this lender depending on where you live. Loan officers also aren’t available in every state they serve.

  No home equity loans available. The lender doesn’t offer home equity loans or home equity lines of credit (HELOCs).

Alterra Home Loans borrowing requirements

Minimum credit score580 (FHA and VA)
Minimum credit score 
  • 580 (FHA and VA)
Minimum down payment 
  • 0% (VA and USDA)
Available loan terms 
  • Not published
Available loan types 
  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
  • Renovation

Alterra Home Loans mortgage rates and fees

Alterra Home Loans doesn’t publish information on the mortgage rates it offers or the fees it charges on mortgage loans. You’ll need to contact a loan officer to get an idea of what lending terms you might qualify for.

Alterra Home Loans mortgage products

Purchase

Alterra Home Loans offers most standard purchase mortgage products, including conventional loans, FHA loans, VA loans, USDA loans, jumbo loans and FHA 203(k) renovation loans. It is unclear what credit score is required to qualify for the many of the different loan programs. A 600 credit score may be required for the lender’s “Low FICO” FHA loan, however.

Refinance

Alterra Home Loans offers both rate-and-term refinance loans, which are used to lower your interest rate and monthly payment, and cash-out refinance loans. These loans are a way to tap the equity in your home by taking out a new mortgage that’s larger than the current balance on your mortgage. The difference comes to you in cash.

Special programs

Alterra Home Loans has an ITIN mortgage loan program, which is useful for potential borrowers who don’t have a Social Security number. However, mortgages that require only an ITIN might have different borrowing and repayment requirements, so it pays to comparison shop. 

How does Alterra Home Loans compare to other lenders?

Alterra Home LoansAmeriSaveZillow Home Loans
Minimum credit score 
  • 600 (FHA)
  • 600 (FHA, VA)
  • 580 (FHA)
Minimum down payment 
  • 0% (VA, USDA)
  • 0% (VA, USDA)
  • 0% (VA)
Loan products and types 
  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
  • Renovation
  • Conventional
  • FHA
  • VA
  • USDA
  • Conventional
  • FHA
  • VA
Special programs offered 
  • ITIN loans
  • Solar financing
  • Zillow Offers
Lender ReviewAmeriSaveZillow Home Loans

 

Today's Mortgage Rates

  • 4.87%
  • 4.19%
  • 3.31%
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