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Alterra Mortgage Review 2023

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.

Alterra at a glance

2 stars

  Minimum credit score: 580 to 620

  Minimum down payment: 0% to 3.5%

  Available loan products and programs: Conventional, FHA, VA, USDA, jumbo

  Our verdict: Alterra is best for homebuyers who are comparing offers from multiple mortgage lenders.


  Focuses on underserved communities

  Offers standard mortgage products

  Completely online application

  No information on mortgage rates or fees

  Isn’t available in all states

  No home equity products

Established in 2006 to help provide mortgages to the underserved community of Hispanic first-time homebuyers, Alterra’s mission remains attuned to serving diverse first-time homebuyers in 40 states and the District of Columbia. Headquartered in Las Vegas, Alterra is part of the Panorama Mortgage Group and originates over a billion in home loans every year.

Alterra mortgage products




  • Mortgages backed by the Department of Veterans Affairs (VA loans) are available from Alterra.
  • The VA doesn’t require a minimum down payment or set credit score, but lenders set their own minimum qualifications; VA lenders typically require a score of at least 620.
  • Alterra doesn’t advertise VA refinancing. VA refinancing, cash-out refinancing and interest rate reduction refinance loans (IRRRL) are available from other lenders.


  • Alterra offers jumbo loans, which allow you to borrow more than the conforming loan limit in your area.

Special programs

  • USDA loans backed by the Department of Agriculture can help rural homebuyers who have moderate or low income buy a home with 0% down and no credit score.
  • First-time homebuyer programs are available depending on your income, credit score and location.

Alterra mortgage rates and fees

Alterra doesn’t publish its mortgage rates or fees. You can see current mortgage rates here to get an idea of what the interest rates are on the market. The national average mortgage closing cost last year was $3,860, which totaled 1.01% of the average home sales price.

Mortgage rates published online?
Rate information updated daily or weekly?
Lender fees disclosed?

Alterra’s application experience

You can apply for any of Alterra’s loans at a branch location in person, online or even on a phone app. Alterra partners with a secure app called Pronto+ that lets you apply and upload documents digitally.

Once you’re approved, Alterra provides a mortgage preapproval to show sellers when you make an offer that you’re financially able to purchase the home. When a seller accepts your offer, you can finalize the application with Alterra. Make sure you compare the official rate they quote you with other rates on the market.

Alterra’s customer service experience

You can call Alterra at (844) 400-4565 or email them anytime on their website form. Alterra also shares the direct phone numbers and emails of its loan officers, which you can find on its loan officer page. If you’d like to talk with someone in person, you can use the Alterra branch locator to find the closest one to you.

How does Alterra compare to other lenders?

AlterraRocket MortgageMr. Cooper
Lender rating
Minimum credit score580 to 620580 to 620Not published
Minimum down payment0% to 3.5%0% to 3%0% to 3.5%
Loan products and programs
  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
  • Conventional
  • FHA
  • VA
  • Jumbo
  • Home equity loans
  • Conventional
  • FHA
  • VA

How we rated Alterra

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: 2/5

  Publishes rates online

  Offers standard mortgage products

  Includes detailed product info online

  Shares resources about mortgage lending

  Provides an online application

  = 0 points ⭕= 0.5 points   = 1 point

Today's Mortgage Rates

  • 5.95%
  • 5.76%
  • 3.31%
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