Do any colorado lenders still offer no doc or siva loans?

You cant even get a payday advance loan with out providing some sort of documentation, so my guess is NO unless its a lender that just doesnt care if they lose money.

Hi Stephanie, Some others may chime in and prove me wrong, but I'm pretty sure no one can offer that product anymore with the new "ability to repay" guidelines. Lenders must show that borrowers have the ability to repay a loan, which includes full income documentation. Perhaps some hard money or portfolio product exists, but I'm not aware of any in Colorado or any other state.

Don't know of any lenders doing those type of loans.

Stephanie,There still are a few "hard money" lenders that will lend based strictly upon the value of the property. They require huge down payments..at least 35% in most cases. These loans are typically of a very short term. Normally 3 years or less and have much higher interest rates. The out of pocket costs for these loans run to as much as 5% of the loan amount.There are also "asset depletion" loans available. If you can prove that you have enough liquid assets, even though you don't have a lot of income it may be possible for the lender to infer that you could "deplete" those assets over the term of the loan to make the payments. This often works for retirees with large retirement accounts. I hope this is helpful.You may contact me directly if you wish at (303) 817-3308

The required documentation will vary by lender/investor. Best thing to do is to find a lender you want to work with and start the process and they will let you know what documentation they will need in order to process your loan.

Believe me when I say that it surprises me to be able to say "yes." We have a national Wholesale Lender that just released a stated income program. Must have verifiable assets though. Please feel free to call me to discuss in more detail. 970-232-2976.

Yes and no. The old school Stated Income and No Doc loans are not available. However they did bring back the 12 month bank statement loan. You still have to verify assets, be self-employed, have a good down payment and good credit.