Vermont Ski-Season and Sugaring Income, Counted the Way It Really Comes In
Vermont income arrives in seasons, and Vermont land comes in big parcels. We show how 24 months of statements handles the first problem, how the 15-acre cap handles the second, and what the transfer tax costs on a second home.
A Vermont owner can make most of the year’s money between Christmas and April, and a tax return averages that into something a bank won’t approve.
A Vermont self-employed mortgage is a home loan that qualifies business owners on bank statements, 1099s, or a CPA P&L instead of tax returns. It fits ski-town contractors, sugarmakers, innkeepers, and remote consultants in Burlington, Rutland, Montpelier, Stowe, and Brattleboro. A Vermont self-employed mortgage averages 24 months of deposits when income is seasonal, so a strong winter carries a quiet mud season. The JD.Mortgage Team at PRMG writes these loans under the PRMG Non-QM Income Qualifying Product Profile. If a bank passed because your return looked thin, that is usually where our work starts. 25+ years, 3,100+ closed loans, Scotsman Guide Top Originator 2026. Lending in 49 states. New York excluded.
Last updated: September 24, 2026
Vermont Self-Employed Mortgage: The Short Answer
Yes. A Vermont business owner can buy or refinance without tax returns. We qualify you on 12 or 24 months of bank statements, your gross 1099 income, or a CPA-prepared profit and loss statement. You need at least 2 years of self-employment and a credit score of 620 or higher.
As of Q3 2026 (September 2026): Credit scores start at 620 (Non-Prime, 75% LTV, 43% DTI) and 660 (Expanded Prime, 80% LTV, 50% DTI) (PRMG Non-QM Income Qualifying Product Profile, 09/17/2026). Loan-to-value reaches 89.99% at a 740 score with a 45% DTI (PRMG Non-QM Income Qualifying Product Profile, 09/17/2026). You need 2 years self-employed, and personal bank statements count 100% of deposits (PRMG Non-QM Income Qualifying Product Profile, 09/17/2026). The 2026 conforming loan limit is $832,750 in every Vermont county (FHFA 2026 conforming loan limits).
Who Uses a Self-Employed Mortgage in Vermont
Ski-town contractors and hospitality owners
In Stowe, Killington, and the Mad River Valley, builders, caretakers, and snow removal owners earn most of their money from December to March. Lodges and restaurants ride the same wave, then again for fall foliage. When income is seasonal, the PRMG profile requires 24 months of statements. We total business deposits, apply a fixed 50% expense factor, and average. You need at least 25% ownership. See bank statement loans.
Sugarmakers
Vermont led the nation again in 2025 with 3.06 million gallons of maple syrup from 8.35 million taps, per the Agency of Agriculture. Most of that money lands in a few months of bulk sales and retail. A short sap season shows up hard on the next return. Sugaring income is seasonal, so we use 24 months of statements. One catch: the home you buy cannot be a working farm or land that earns you income. Keep the sugarbush on its own parcel and buy the house on a lot of 15 acres or less.
Remote consultants and makers on 1099s
Burlington and Montpelier have many designers, writers, and software contractors who work for out-of-state clients. We count 100% of gross 1099 income plus year-to-date deposits, averaged, and check it against an IRS wage and income transcript. Clients in other states are fine. What matters is 2 years of steady work. See 1099 loans.
Buyers of ski condos and rentals
If you want a condo near the mountain to rent out, a DSCR loan qualifies on the rent instead of your income. Vermont is one of the states where the PRMG profile bars prepayment penalties on investment loans, so you can sell or refinance early without that fee. Investment land is capped at 5 acres, and a non-warrantable condo tops out at 80% LTV.
What We Count Instead of Your Vermont Tax Return
Every path below answers one question: how much money does your business really bring in each month? Pick the wrong path and you leave income on the table. We run each one that fits and use the strongest.
| Document | How it becomes income |
|---|---|
| Bank statements (personal) | Deposits averaged over 12 or 24 months, counted at 100% |
| Bank statements (business) | Deposits minus a 50% expense factor; you must own at least 25% |
| 1099s | Gross 1099 income at 100%, no expense cut, plus an IRS transcript |
| CPA P&L | 12-month P&L from a CPA, EA, or CTEC preparer; you own at least 50% |
More on each: bank statement loans, 1099 loans, P&L loans, asset utilization, and DSCR loans for rentals.
Not sure which path reads your Vermont income best? We run every path you qualify for and show you the strongest number.
See What I Qualify ForVermont’s Graduated Tax, the Homestead Declaration, and Why Returns Run Thin
Vermont has a graduated personal income tax. The Department of Taxes posts the brackets each year on its rate schedules page. Business profit from a sole proprietorship, LLC, or S corporation flows through to your personal return and is taxed at those rates.
That shapes what the return shows. A ski-area contractor buys a plow truck. A sugarmaker adds tubing, a vacuum pump, and a new evaporator. An innkeeper replaces a roof. Each one is a real business cost, and depreciation can knock profit down hard in the year you invest. The return then shows the dip, not the business.
Vermont property tax adds a twist. Every Vermont resident who owns and lives in a home must file a homestead declaration each year. For 2026 it was due April 15, with a final acceptance date of October 15. Homes not declared, including second homes and vacation homes, are taxed at the higher nonhomestead education rate, per the Department of Taxes.
Why that matters to us: the property tax on the home you buy is part of your monthly payment. A second home in Stowe or Killington carries the nonhomestead rate, so we use that real bill when we figure DTI.
| Document | What it shows a lender |
|---|---|
| Tax return | Profit after depreciation in an investment year |
| 12 months of statements | One full year of deposits |
| 24 months of statements | Two winters and two summers, averaged |
We use the statement rows. Rules are from the PRMG Non-QM Income Qualifying Product Profile, 09/17/2026.
A Stowe Example: A Ski-Season Contractor on 24 Months of Business Statements
What the tax return shows (example)
- Net profit after a new plow truck and depreciation: $84,000
- Monthly income used: $7,000
- Housing payment (example): $5,200
- Other monthly debts (example): $900
- DTI = $6,100 ÷ $7,000 = 87.1% → declined
What we count on 24 months of statements (example)
- 24 months of business deposits: $912,000
- Average monthly deposits: $38,000
- $38,000 × 50% expense factor = $19,000
- Same $6,100 in monthly payments
- DTI = $6,100 ÷ $19,000 = 32.1% → fits at 620 (43% cap) or 660+ (50% cap)
This owner plows, caretakes, and builds around Stowe. January deposits dwarf May. The year he bought new equipment, depreciation cut his profit to $84,000. We average 24 months because the income is seasonal, apply the 50% expense factor, and land at $19,000 a month. At 32.1%, the file clears even the tighter 43% cap at a 620 score.
What It Takes to Qualify in Vermont
| Item | Rule |
|---|---|
| History | Two years on your own; less can work if you did the same work on payroll first |
| Score | Starts at 620; 660 opens higher loan-to-value |
| Ratio | Up to 50% of gross qualifying income on Expanded Prime |
| Size | From $100,000 up to $3.5 million |
| Savings | 3 to 6 months of payments in reserve for most files |
| Land | 15-acre maximum; working farms are not eligible |
All figures from the PRMG Non-QM Income Qualifying Product Profile, 09/17/2026. No mortgage insurance on these loans.
Buying in Vermont: Transfer Tax by Use, Acreage Limits, and Second Homes
Every Vermont county sits at the $832,750 2026 FHFA one-unit baseline, per the FHFA county file. Ski-town prices often pass that line, which makes a bank loan a jumbo. Our self-employed loans run from $100,000 to $3,500,000 on the same income rules.
Vermont’s property transfer tax depends on how you will use the home, per the Department of Taxes and 32 V.S.A. § 9602.
| How you will use it | Rate |
|---|---|
| Principal residence, first $200,000 | 0.5% |
| Principal residence, above $200,000 | 1.25% + 0.22% clean water surcharge |
| Year-round second home (not a long-term rental) | 3.40% + 0.22% = 3.62% |
| Long-term rental or not year-round habitable | 1.25% + 0.22% = 1.47% |
On a $600,000 ski condo used as a second home, 3.62% is $21,720 (example). Plan for that in cash to close.
Land is the other Vermont issue. Many listings come with 20, 40, or 100 acres. The PRMG profile caps acreage at 15 acres for a primary or second home. Rural homes max at 80% LTV. Second homes must be one unit. We check the survey and the parcel map before you make an offer. If the land is bigger than the cap, the seller may be able to sell the house on a smaller lot.
Vermont Self-Employed Mortgage Myths, Corrected
❌ Myth: “My place in Vermont sits on 40 acres, so the self-employed loan will just work around the land.”
✅ Fact: The PRMG Non-QM profile caps acreage at 15 acres for a primary or second home and 5 acres for investment. Rural homes max at 80% LTV, and working farms are not eligible. Check the acreage before you write the offer.
❌ Myth: “You need two years of perfect tax returns.”
✅ Fact: Tax returns are not part of the file. Two years in business is the rule, and one to two years can work when you did the same work on payroll first.
❌ Myth: “Only big business owners qualify.”
✅ Fact: Loans start at $100,000. Freelancers, gig workers, and one-truck contractors use these paths every day.
Turned down in Vermont because of your tax return? Send us your statements. We tell you what they support before you make an offer.
Run My NumbersVermont Self-Employed Mortgage Frequently Asked Questions
Can I get a mortgage if I’m self-employed in Vermont?
Yes. We qualify Vermont owners on 12 or 24 months of bank statements, 1099 income, or a CPA-prepared P&L instead of tax returns. Seasonal income uses 24 months. Most borrowers need 2 years self-employed. A 620 score works at 75% LTV and 43% DTI, and 660 and up can reach 80% LTV and 50% DTI.
How much is the Vermont property transfer tax on a second home?
A year-round second home that is not a long-term rental is taxed at 3.40%, plus a 0.22% clean water surcharge, for 3.62% total. A principal residence pays 0.5% on the first $200,000 and 1.25% plus the surcharge above that. On a $600,000 second home, 3.62% is $21,720. We show it in your cash to close.
Can I buy a Vermont home with more than 15 acres on a bank statement loan?
No. The PRMG Non-QM profile caps acreage at 15 acres for a primary or second home and 5 acres for an investment property. Rural homes max out at 80% LTV, and the land cannot be a working farm or earn you income. If a listing has more land, the house may need its own smaller parcel.
Can a maple sugarmaker qualify for a mortgage in Vermont?
Yes. Sugaring income is seasonal, so we use 24 months of bank statements and average every month. Business deposits count at 50% for expenses, and you need at least 25% ownership. The home itself cannot be the working sugarbush. Buy the house on its own lot of 15 acres or less.
Can I get a mortgage in Vermont without tax returns?
Yes. In Vermont we qualify self-employed borrowers on 12 or 24 months of bank statements, gross 1099 income, or a 12-month CPA profit and loss statement. Tax returns are not used. You need 2 years of self-employment and at least a 620 credit score.
What credit score do I need for a bank statement loan?
620 is the minimum on Non-Prime terms, capped at 75% loan-to-value and 43% debt-to-income. At 660 you move to Expanded Prime with up to 80% loan-to-value and 50% debt-to-income. A 740 score reaches 89.99% on a primary home.
How do you calculate income from business bank statements?
We average your business deposits over 12 or 24 months and apply a fixed 50% expense factor. If your CPA or tax preparer writes an expense statement showing lower costs, we can use that instead. You must own at least 25% of the business.
How much can I borrow on a self-employed mortgage?
Loans run from $100,000 to $3,500,000. The top amount needs 70% loan-to-value and a 700 score. Your qualifying income, debts, and reserves decide where you land inside that range.
Related Pages
About the Author
J.D. Peck is an Area Manager and Mortgage Loan Originator (NMLS #314883) with the JD.Mortgage Team at Paramount Residential Mortgage Group, Inc. (NMLS #75243), based in Colorado Springs. 25+ years, 3,100+ closed loans, Scotsman Guide Top Originator 2026. Lending in 49 states. New York excluded.
Last updated: September 24, 2026. Self-employed program facts sourced from the PRMG Non-QM Income Qualifying Product Profile, 09/17/2026. Loan limits from FHFA 2026 conforming loan limit values. Vermont tax and property facts from official Vermont state sources linked above.
Find Out What Your Vermont Deposits Qualify You For
Send your statements, 1099s, or P&L. We run every path that fits and show you the loan amount, down payment, and program before you write an offer.
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Source: JD.Mortgage Team at PRMG, Vermont Self-Employed Mortgage: Bank Statement, 1099, and P&L Loans, updated September 2026, https://jd.mortgage/vermont-self-employed-mortgage/
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