NEW Doctor Mortgages

This is a great program that allows borrower qualification to be based on the use of future (projected) income for medical professionals who are in the process of completing or have recently completed their residency/fellowship within the last 36 months. 

Borrower Qualifications 

  • Medical professionals registered or enrolled in a recognized medical residency or fellowship in Canada 
  • Newly practicing physicians earning income in a related field who began practicing within the last 36 months 
  • 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.

Eligible Loan Purposes 

  • Purchase 
  • Refinance 
  • Switch Eligible Properties 
  • Owner-occupied Principal Residence 
  • 1- and 2-unit dwellings 
  • Debt for student loans and lines of credit must be included in total debt service even if not currently under repayment 

Maximum Loan to Value:

  • Insured: 90% 
  • Conventional: 80%
  • Home line of credit at prime + 0

 Amortization

  • Insured: Maximum 25 years 
  • Uninsured: Maximum 30 years

Documentation Requirements 

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, plus detail in the file verbal confirmation from the program coordinator/registrar office confirming acceptance and upcoming residency. 

or

If newly practicing physician: Obtain confirmation of program completion including stream of specialization and date of completion, provided they 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 (

Down Payment 

  • Insured – Minimum 10%. 5% must be from own resources. 
  • The remaining 5% may be from borrowed funds 
  • Uninsured – Minimum 20% with a minimum 10% from own resources
    Note: for both Insured and Uninsured, secondary financing secured on the subject property is not permitted. 
  • Gifted down payments are acceptable and may form any part of the down payment. Income Verification 
  • Medical residents/fellows in first or second year are permitted to qualify based on a projected income of $185,000*, 

or

Physicians in at least their third year of residency/fellowship will be qualified based on projected income of $225,000*, 

or

Residents/fellows in their last year or newly practicing physicians who completed their residency/fellowship within the last 36 months can qualify based on their field or specialization as indicated in the Projected Income for Qualification Purposes chart on the following page.

Note: Verification of the applicant’s actual income is also required, following standard income verification policies.

The source of income must be related to their field of study. Applications with

Projected Income for Qualification Purposes 

NOTE: If specialization is not reflected in the categories listed below, default projected income for qualification of $225,000.00 is to be used. 

Confirmation of enrollment/completion is still required.  

Projected Income for Physicians Program 

*The projected income is an average estimated based on available industry data and is subject to change. The applicant’s actual income may vary. The projected income will only be used if the applicant’s current income is lower than the estimated projected income amount.

Talk to a Mortgage pro at Mortgages.ca to see how much projected income can be used for you.