1099 Only

Program Overview:

Legions Capital offers a specialized solution for independent contractors and freelancers with high gross earnings who utilize significant tax deductions. This program qualifies borrowers based on actual gross earnings rather than net taxable income, providing a common-sense alternative to traditional tax return underwriting.

Broker Advantage:

• Tax Write-Off Protection: Designed for contractors whose traditional tax returns do not reflect their true earning power due to heavy business expenses.
• Simplified Qualifying: We apply a flat 10% expense factor to gross 1099 earnings to determine qualifying income.
• 1099 Gross is King: We only need the most recent 1 year of 1099s and current proof of receipt to prove high-earning potential.
• Equity Access: High-leverage cash-out options up to 80% LTV are available to fund business expansion.

Highlights:

• FICO: Minimum score of 640.
• LTV (Purchase): Up to 90%.
• LTV (Cash-Out): Up to 80%.
• Ratios: Standard 50% DTI cap.
• Loan Amounts: Max $4,000,000; Min $100,000.
• Reserves: Tiered requirements starting at 6 months for loans up to $1M.
• Documentation: Requires most recent 1 year of IRS Form 1099s and current proof of receipt.