Solmaz Esmaeili

Medical Professional Mortgage Programs in Canada: Key Highlights

Eligibility:

• Designed for doctors and medical professionals, including those in residency or recently completed.

• Includes foreign-trained, licensed physicians who are Canadian citizens or permanent residents.

• Applies to purchases, refinances, or renewals of up to two-unit properties.

Key Features:

• Projected Income: Qualify based on future income rather than current earnings, ideal for residents, fellows, and new physicians.

• Down Payment: For high-ratio mortgages (less than 20% down), a minimum of 10% is required (5% from own sources). Conventional mortgages (20%+ down) need 10% from own sources.

• Amortization: Up to 30 years for conventional; 25 years for high-ratio.

• No PMI: Some programs, like TD Bank’s, waive Private Mortgage Insurance even with less than 20% down.

• Flexible DTI: More lenient debt-to-income ratios, considering student debt.

• Employment Verification: New employment contracts can often serve as income proof.

Summary: These specialized mortgage programs help medical professionals secure home financing despite student debt and early-career income fluctuations