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
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