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.

Don’t want to miss out on the next blog post? Click Here to have future issues emailed directly to your inbox!

(Sept 25, 2023)

Don’t want to miss out on the next blog post? Click Here to have future issues emailed directly to your inbox!

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.

Don’t want to miss out on the next blog post? Click Here to have future issues emailed directly to your inbox!

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!)

Call Marko via WhatsApp!

Email: gelo.m@mortgagecentre.com

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@markogelo (Twitter)

Tag: projected income

Mortgage Programs in Canada for Dentists, Veterinarians, and Optometrists who are in the process of or completing residency/fellowship

The Key Qualification Feature:

Here is a summary of the qualification criteria:

EXCLUSIONS

Contact Marko, he’s a Mortgage Broker!

Mortgage Programs in Canada for Doctors who are in the process of or completing residency/fellowship

The Key Qualification Feature:

Here is a summary of the qualification criteria:

Contact Marko, he’s a Mortgage Broker!