Alterra Home Loans Review 2023

Good for: first-time home buyers and those ineligible for Social Security numbers.
By Kate Wood and  Phil Metzger 

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Our Take


NerdWallet rating 

The bottom line:

Alterra offers low-down-payment and ITIN loans, but you'll have to contact the lender for rate information, and its rates and fees are higher than many other lenders'.

Alterra: NMLS#133739
Min. credit score
Min. down payment
Loan types and products
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA

Pros & Cons


  • Offers an ITIN qualification path for borrowers ineligible for Social Security numbers.
  • Has a digital application process.
  • Offers government-backed mortgage options for low- to moderate-income borrowers.


  • No mortgage rates published online.
  • No home equity loans or lines of credit.
  • Generally has higher rates and fees than other lenders.
  • Branch offices not available in all states.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
Min. credit score


Min. credit score


Min. down payment


Min. down payment


Loan types and products

Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA, USDA

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, Home Equity

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Full Review

What borrowers say about Alterra Home Loans

NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. NerdWallet assesses borrowers’ subjective experiences with lenders using customer satisfaction scores from J.D. Power and Zillow. Alterra Home Loans didn’t have sufficient data from either source for NerdWallet to share.

Alterra Home Loans variety of loan types

  • 3 of 5 stars

Alterra is focused on expanding access to homeownership for underrepresented homeowner groups.

The lender offers an Individual Taxpayer Identification Number loan product to immigrant borrowers. Qualifying for an ITIN mortgage product can be much more rigorous than it is for a traditional mortgage. Lenders often require a larger down payment and can require borrowers to show detailed work history and tax returns using their ITIN numbers.

Alterra offers conventional loans as well as government-backed FHA, VA and USDA loans.

Alterra Home Loans ease of application

  • 5 of 5 stars

At Alterra's site, potential borrowers can complete an online form with basic loan details and contact information. Once that information is submitted, they'll have the option to continue to a full loan application. A loan officer will then contact them to finish the approval process. Borrowers can log in to Alterra's online loan servicing portal, which is integrated with its mobile app, Pronto. From there, they can track the progress of their loan, upload documents and sign paperwork electronically.

Alterra Home Loans rates and fees

  • 2 of 5 stars

  • Alterra Home Loans earns 2 of 5 stars for average origination fee.

  • Alterra Home Loans earns 2 of 5 stars for average mortgage interest rates.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

Alterra Home Loans rate transparency

  • 1 of 5 stars

Potential borrowers trying to compare mortgage interest rates across lenders will likely be disappointed: Alterra's website doesn't display that information. You'll need to reach out to a loan officer to get specifics on rates.

Alternatives to Alterra Home Loans

Here are some comparable lenders we review that borrowers can consider.

Rocket Mortgage serves Spanish-speaking borrowers, and New American Funding offers options for self-employed immigrants.

Getting ready to buy a home? We’ll find you a highly rated lender in just a few minutes.

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More from NerdWallet


NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).