New Doctors Don’t Have to Wait to Buy a Home

Becoming a physician is no small feat. After years of school, long nights, and endless rotations, many new doctors are eager to finally settle into a home of their own. But there’s a catch: while your future income is promising, your current income—or lack thereof—can make mortgage approval feel like a non-starter.

The good news? There’s a mortgage solution made just for you.

If you’re a newly graduated physician, in residency or fellowship, or within your first three years of practice, you may qualify for a unique mortgage program that allows you to use projected income (up to $300,000, depending on your specialty) to qualify for a home loan. That means you can get pre-approved based on where your career is headed—not where your bank balance sits today.

Let’s break down how this works and why it could be the right move if you’re starting out in the medical field.

 

What Is a Projected Income Mortgage?

A projected income mortgage is a special program available through select lenders that’s designed specifically for newly minted medical professionals. Instead of evaluating your mortgage eligibility based solely on your current salary (which, if you’re in residency or just starting out, might not reflect your earning potential), this program looks at your anticipated future income—what you’re expected to earn once fully licensed and practicing in your field.

And no, you don’t need a signed job offer or employment contract to qualify.

 

Who’s Eligible?

This program is available to:

• Doctors who have recently graduated from medical school

• Those currently in residency or fellowship

• Newly practicing physicians (within 36 months of starting practice)

• Foreign-trained physicians licensed to practice in Canada

You’ll need to show proof of your medical designation and confirm your specialty, but you won’t need to be earning six figures yet to apply.

 

What Can You Do With This Mortgage?

You can use this program to:

• Buy a home (1- or 2-unit owner-occupied only)

• Refinance an existing mortgage

• Switch your mortgage from another lender

And in some cases, you can even do so with as little as 10% down (though mortgage insurance premiums will apply).

Amortization terms of up to 30 years are available, which can help lower monthly payments and make budgeting easier during the early years of practice.

 

What Specialties Are Included?

Most major medical specialties are eligible, including:

• Family Medicine

• Internal Medicine

• Surgery

• Pediatrics

• Psychiatry

• Radiology

• Emergency Medicine

• Ophthalmology

  …and many others.

If you’re unsure whether your specialty qualifies, that’s something I can help confirm for you.

 

Why This Matters

Buying a home at the start of your medical career can offer financial stability and a sense of accomplishment after years of hard work. But traditional lending doesn’t always make space for the unique circumstances physicians face early on. This program is one way to bridge that gap and give new doctors a fair chance at homeownership—without waiting for that first “big” paycheque to hit.

If you—or someone in your circle—is starting out in medicine and wondering how to get into the housing market, I’m here to help. I’ll walk you through the options, explain the process, and help you get pre-approved with confidence.

📞 Call me at (416) 629-5363 or send me a message to learn more.

Let’s make sure the next chapter of your career starts with a home that fits the life you’re building.

—Denise