Alterra Home Loans Mortgage Review

Main advantages

Caters to underserved borrowers

“Underserved” refers to any group that is disadvantaged because they have less access to financial products. Alterra’s mission is to serve borrowers who have fewer options. This includes those with lower incomes, limited financial resources, or who do not have an SSN. It could also include borrowers using alternative documents to qualify and people pooling their resources to buy a home. In other words, Alterra Home Loans is ideal for creditworthy borrowers who typically have to go through several steps to get a mortgage and may not know they can qualify.


Alterra Home Loans is Hispanic-owned and places great importance on serving the Hispanic community. Spanish-speaking loan officers are available to work with any applicant.

ITIN loans for foreign nationals

Many lenders require an SSN to obtain a mortgage. Alterra Home Loans is one of a small group of lenders who offer a special type of loan to people who have an Individual Tax Identification Number (ITIN) but no SSN. Since you don’t need to be eligible to work in the United States to get an ITIN, undocumented immigrants are eligible to apply for a 30-year fixed rate mortgage.

Specialized loans

Alterra Home Loans offers several loan options that not all lenders offer:

  • USDA Loans for low-income borrowers buying eligible property (usually rural)
  • Mortgages for unsecured condos that do not meet Fannie Mae or Freddie Mac loan guidelines. For example, if the building has five to 20 units, no entity can have more than two. And the commercial space cannot represent more than 35% of the building. Your lender can explain other guidelines to you.
  • Portfolio loans for borrowers who need more flexible underwriting
  • A Home Possible Mortgagewhich is a conventional mortgage with a 3% discount for low to moderate income borrowers.
  • Chenoa Fund Mortgage Programswhich offers repayable second mortgages for FHA loan installments and repayable second mortgages for FHA or conventional loan installments (some programs have income limits).


Alterra Home Loans customers leave great reviews online, in both English and Spanish. Reviewers tend to comment on their positive interactions with Alterra Home Loans staff and say that costs are lower than expected.

Pronto Plus loan tracking app

Alterra Home Loans offers a digital mortgage app and tracking experience on Pronto Plus, its proprietary app. You can track your application, upload documents, share your financial information and electronically sign documents from any device.

What could be improved


Alterra Home Loans does not publish information about mortgage rates and fees on its website, or even a full menu of the types of loans it offers.

Home equity products

If you’re considering a cash refinance and also want to compare a home equity loan and a home equity line of credit (HELOC), you’ll need to find those products elsewhere.

Not nationwide yet

Alterra’s parent company, Panorama Mortgage Group, LLC, is licensed almost anywhere in the United States. But right now you cannot get a loan if you are in Alaska, Arkansas, Hawaii, Idaho, Massachusetts, Montana, New York, Rhode. Island, Vermont or West Virginia.

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