Alterra Home Loans is a 100% Hispanic-owned mortgage company that offers home loans to borrowers in most of the U.S. Alterra Home Loans places a special emphasis on serving minority borrowers, including foreign nationals (but anyone in a state where Alterra Home Loans lends can apply).
If you're interested in Alterra Home Loans, you'll have to start with a conversation with one of their loan officers. That could be a benefit if you appreciate having access to a knowledgeable human. Or you may find it's an inconvenience if you prefer to avoid getting on sales lists while you gather information.
Take a look at our review to find out if Alterra Home Loans might be the best mortgage lender for you.
Best for: COMPLIANCE
Alterra's standout features is that it offers loan products that rely on nontraditional credit and income sources. Beyond that, the lenders also offers a wide range of mortgage products and the most common fixed-rate and adjustable-rate mortgage terms.
This mortgage lender is a good fit for: borrowers who need a specialty loan. That includes anyone looking for a low down payment mortgage such as the FHA loan, or the zero-down VA or USDA loans. Alterra Home Loans also makes a special effort to serve borrowers who need more flexible underwriting, like business owners with no W-2 forms, or foreign nationals who don't have a Social Security number (SSN). Alterra Home Loans is a good fit for people who want to conduct business in Spanish.
Caters to underserved borrowers: "Underserved" means any group that is at a disadvantage because they have less access to financial products. Alterra Home Loans makes a special effort to serve borrowers who have fewer options. That includes those with lower income, limited financial resources, or no SSN. It could also include borrowers using alternative documents to qualify and people pooling resources to buy a home. In other words, Alterra Home Loans is a good fit for creditworthy borrowers who typically have to jump through more hoops to get a mortgage and might not know they can qualify.
Bilingual: Alterra Home Loans is Hispanic-owned and places a lot of emphasis on serving the Hispanic community. Spanish-speaking loan officers are available to work with any applicant.
ITIN loans for foreign nationals: Many lenders require a SSN to get a mortgage. Alterra Home Loans is one of a small group of lenders that offers mortgages to people who have an individual taxpayer identification number (ITIN) but no SSN. Since you don't have to be eligible to work in the U.S. to get an ITIN, undocumented immigrants are eligible to apply for a 30-year fixed-rate mortgage.
Specialty loans: Alterra Home Loans offers USDA loans and mortgages for non-warrantable condos, which not all lenders do. Alterra Home Loans also offers portfolio loans for borrowers who need more flexible underwriting.
Reputation: Alterra Home Loans's customers leave very good online reviews, in English and Spanish. Reviewers tend to comment on their positive interactions with Alterra Home Loans staff and say costs are lower than expected.
Pronto Plus loan tracking app: Alterra Home Loans offers a digital mortgage application and tracking experience on Pronto Plus, its proprietary app. You can track your application, upload documents, share your financial information, and e-sign documents from any device.
Availability: Alterra Home Loans is not yet licensed to make mortgage loans in every state.
Website pre-qualification tool: Alterra Home Loans has a pre-qualification web page, but it's actually a form to capture your information. You'll enter your email address and phone number along with a few details about the loan you're researching, and a loan officer will contact you at a later time.
Transparency: Alterra Home Loans does not publish information about mortgage rates and fees.
Home equity products: If you're considering a cash-out refinance and you want to compare HELOC and home equity loan options, you'll need to find those products elsewhere.
Alterra Home Loans's main advantage is that it offers many different paths to homeownership for creditworthy borrowers who might struggle to get a mortgage through traditional channels from other lenders. To that end, qualification criteria varies depending on what loan is best for you.
The ITIN loan application (great for foreign nationals or those without a SSN) has several requirements:
The borrower does not need to provide documents that prove legal status in the U.S.
A conventional loan may be appropriate for someone with a 620 credit score and a significant down payment. A down payment of 20% isn't a hard-and-fast requirement, but it'll save you money by letting you avoid purchasing private mortgage insurance. Alterra Home Loans requires one year's tax return, which is less than some lenders require. Some borrowers can qualify with W-2 forms only, and no tax return at all.
If you don't have much money to put down but you can meet the 620 credit score requirement, Alterra Home Loans might steer you to its FHA standard mortgage. The down payment requirement is 3.5% of the purchase price. If your credit score is between 550 and 619, Alterra Home Loans offers an FHA Low FICO program. As a trade-off for the lower credit score, expect to make a down payment of at least 10%.
For a VA loan, you need to be a servicemember or qualified spouse. USDA loans are for borrowers purchasing a home in a qualifying location, usually rural. Both programs are available at Alterra Home Loans and neither requires a down payment.
PennyMac Mortgage. If you're gathering information and you want to see rates, check out PennyMac. They make it easy to check the current lowest mortgage interest rate. You can even play around with the credit score and down payment size to see how those factors will affect the rate you might pay.
New American Funding. If you prefer to conduct business in Spanish but you don't live in a state where Alterra Home Loans lends, try New American Funding. They have a full staff of bilingual loan officers and they make mortgage loans in all 50 states.
¿Quiere realizar sus negocios en español? Give Alterra Home Loans a call.
Alterra Home Loans is a good option if you can't qualify based on traditional criteria. If you have an ITIN but no SSN, are self-employed, or need to apply using alternative credit data, Alterra Home Loans may have a mortgage program that works for you.
Alterra Home Loans is also a great choice for borrowers who are looking for a USDA loan or who want to buy a non-warrantable condo.
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