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(Sept 25, 2023)

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In Canada, the journey to becoming a doctor is a long and arduous one, marked by years of rigorous education and intensive training. For medical professionals who are in the process of or have recently completed their residency or fellowship, the light at the end of the tunnel often comes with a daunting question: How can I secure a mortgage to fulfill my homeownership dreams? Fortunately, a select few of Canadian lenders offer a range of specialized mortgage programs tailored specifically for doctors, making the path to homeownership more accessible and accommodating for those who have dedicated their lives to healing and caring for others. In this blog, we’ll delve into the world of mortgage programs designed exclusively for newly minted doctors in Canada, exploring the benefits, eligibility criteria, and the crucial steps to embark on this exciting journey towards homeownership. Whether you’re a fresh medical graduate or simply curious about these unique mortgage opportunities, read on to discover how these programs can help doctors take the first step into the world of real estate.

The Key Qualification Feature:

For medical professionals who are either in the process of completing or have recently completed their residency/fellowship within 36 months of their real estate completion date, 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 provided that the applicant fulfils the 36 month eligibility window.

Here is a summary of the qualification criteria:

if still in residency or fellowship, Medical professionals must be registered or enrolled in a recognized medical residency or fellowship in Canada
newly practicing physicians who are currently earning income must complete on their purchase within a 36 month window from when they started earning income
Foreign-trained physicians who are licensed by a provincial college and are Canadian citizens or permanent residents can utilize projected income for 36 months post completion of their program
available for purchases, refinances, or renewals
only eligible for principal residence (owner occupied) properties, up to 2-units (duplex)
no investment/rental properties allowed
For high ratio mortgages (down payment less than 20%), the minimum down payment is 10% where 5% must be from own sources. The balance of the down payment can be gifted from an immediate family member. For conventional mortgages (down payments of 20% of greater), the minimum down payment is 20% of which the first 10% must be from own sources and the balance can come in the form of a gift from an immediate family member
maximum amortization up to 30 years, but only for conventional mortgage (20% down payment or greater). For down payments less than 20%, maximum amortization is 25 years
If in residency/fellowship: Obtain confirmation of enrollment of residency/fellowship including the medical specialty and identifying current year of enrollment Note: Exceptions will be considered for first year Medical Residents where confirmation from the provincial college website is not available before the mortgage closing (i.e., medical student is offered residency in March, mortgage closing date is May 1st, and residency begins in July). In such situations, obtain a letter of acceptance from the program provider. OR
If newly practicing physician: Obtain confirmation of program completion including stream of specialization and date of completion, provided the applicant completed their residency/fellowship program within the last 36 months OR
If newly practicing physician is foreign-trained and is within 24 month of completion or registered with a provincial college: Obtain confirmation of completion with specialization (if applicable) and confirmation of active college registration showing that the applicant is legally entitled to practice in Canada
The following projected incomes are subject to the completion of a formal preQualification with Marko Gelo:
- Medical residents/fellows in first or second year are permitted to qualify based on a projected income of $185,000
- Physicians in at least their third year of residency/fellowship will be qualified based on projected income of $225,000
- Residents/fellows in their last year or newly practising physicians who completed their residency/fellowship within the last 36 months can qualify based on their field or specialization as indicated within the internal Projected Income for Qualification Purposes chart (inquire directly with Marko Gelo to discuss your specific projected income). Projected income figures could range as high as an annual income of $300,000.

Are you a Doctor, Physician, or other Medical Professional that is in the process of or who has recently completed their 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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