There are no Stated Income Jumbo Loans

I have had two calls this week from self employed people who want stated income jumbo loans. To set the record straight, there aren't any anymore. If you are self employed and want to buy a home, you will have to start reporting your income. I just spoke with a gentleman who needed a refi on a $600,000 mortgage. He had equity in the home for it was worth over $1,500,000. I got his tax returns and he is reporting just over $50,000 in come. This was a well to do individual who was belligerent in his assertion that he should have no problem in getting a loan. Well the truth is the banks don't care who you are anymore, they are going by the book these days. If you don't have documentable income, then no loan for you. Stated income loans help people skirt the issue of declaring income. I don't blame people for wanting to reduce their tax burden, but it is time to pay the piper now.