Alterra Mortgage Review 2023
Alterra at a glance
Minimum credit score: 580 to 620
Minimum down payment: 0% to 3.5%
Available loan products and programs: Conventional, FHA, VA, USDA, jumbo
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
- Alterra offers purchase mortgages and refinance loans.
- Conventional mortgages require a minimum 3% down payment and 620 credit score.
- Federal Housing Administration (FHA) loans are available from Alterra and offer great flexibility on credit score and other requirements.
- FHA mortgages require at least a 580 credit score and a 3.5% down payment.
- 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.
- 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?
|Alterra||Rocket Mortgage||Mr. Cooper|
|Minimum credit score||580 to 620||580 to 620||Not published|
|Minimum down payment||0% to 3.5%||0% to 3%||0% to 3.5%|
|Loan products and programs|| |
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