(Sept 30, 2023)
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Embarking on a career in dentistry, veterinary medicine, or optometry is a commendable and intellectually rewarding path. Yet, for many aspiring professionals in these fields, the road to success often involves years of dedication and rigorous training in the form of residencies or fellowships. While these educational pursuits pave the way for expertise and specialization, they can also bring about financial challenges. Recognizing the unique needs of these dedicated individuals, Canada offers a range of specialized mortgage programs designed to ease the journey toward homeownership for dentists, veterinarians, and optometrists during (or after) their residency or fellowship phases. In this blog, we’ll explore the tailored mortgage solutions available to these healthcare professionals, ensuring that their dream of owning a home remains within reach, even as they focus on honing their skills and advancing their careers. Whether you’re just beginning your residency or have recently completed it, read on to discover how you can secure your future home in Canada.
The Key Qualification Feature:
For Dentists, Veterinarians and Optometrists who are either in the process of completing or have recently completed their residency/fellowship there exists a unique program that assesses borrower eligibility based on their future (projected) income. This program is unique in that it allows for the projection of future income.
Here is a summary of the qualification criteria:
BORROWER QUALIFICATIONS:
- Dental/Veterinary/Optometry students who are in their final year of residency, fellowship, or recognized program of study in Canada, as applicable
- Newly practicing doctors earning income in a related field who completed their program of study within the following:
- Newly practicing dentists within the last 24 months
- Newly practicing veterinarians within the last 12 months
- Newly practicing optometrists within the last 12 months
- applicants are able to qualify based on projected income (inquire directly with Marko Gelo to determine your projected income)
- although projected income is used, standard income verification is still required for employment verification purposes
- Loan Purposes: Purchase or Refinance
- only Owner Occupied Principal Residence properties are eligible up to 2-units (duplex)
- minimum down payment required: 10% (up $999,999 purchase price). For properties that are $1M or greater, the minimum down payment is 20%.gifted down payments are allowed: (i) for down payments that are less than 20%, a minimum of 5% must be from applicants own sources (ii) for down payments that are 20% or greater, a minimum of 15% must be from applicants own sources
- amortizations up to 30 years are available
DOWN PAYMENT REQUIREMENTS:
- If in final year of residency/fellowship or study:
- confirmation of enrollment in residency/fellowship/program of study. The year of your tenure must be specified within the document (i.e. 2nd year of program)
- If newly practising Dentists: confirmation of program completion of a Doctor of Dental Surgery program in Canada within the last 24 months is required. Confirmation must display the date of completion.
- Veterinarians: Confirmation of program completion of a Doctor of Veterinarian Medicine program in Canada within the last 12 months is required. Confirmation must display the date of completion.
- Optometrists: Confirmation of program completion of a Doctor of Optometry program from either University of Waterloo or University of Montreal within the last 12 months is required. Confirmation must display the date of completion.
EXCLUSIONS
This qualification program is not available for/to: mobile homes, construction draw mortgages, non-Canadian applicants (you must be a Canadian citizen)
Are you a Dentist, Veterinarian or Optometrist that is in the process of or who has recently completed your residency/fellowship and wondering if you can qualify for a mortgage? Call or text Marko Gelo right now at 604-800-9593, or Click Here to schedule a free, no-obligation phone call with Marko. You can also call Marko on WhatsApp.
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Contact Marko, he’s a Mortgage Broker!
604-800-9593 cell/text | Vancouver (Click Here to schedule a call with Marko!)
403-606-3751 cell only | Calgary (Click Here to schedule a call with Marko!)
Email: gelo.m@mortgagecentre.com
@markogelo (Twitter)
