Physicians, residents and fellows. Most major lenders run healthcare professional programs, including lenders available through mortgage brokers. Typically:
- Qualifying on projected income. Residents, fellows and new-to-practice physicians can qualify on expected or contracted income, not today's residency salary.
- Friendlier treatment of student debt. Some lenders count a professional line of credit more lightly when calculating how much you can borrow.
- The same down payment rules. Insured programs still allow as little as 5% down under $1.5 million; at $1.5 million or more, 20% is required.
These programs mainly change who qualifies and for how much. They don't usually come with better interest rates.
Dentists, veterinarians and other healthcare professionals. Several lenders extend similar programs to dentists, and some to veterinarians. Coverage varies by lender.
Lawyers, accountants, engineers and other professionals. There are no widely advertised dedicated programs, but lenders often treat licensed professionals favourably case by case, for example a new associate with a short job history.
Canadian Armed Forces members. There's no Canadian equivalent of the US VA loan. But when you're posted for more than a year, the CAF Relocation Directive can reimburse many costs of buying at your new location, including legal fees and disbursements (including land transfer tax), the mortgage default insurance premium in many cases, home inspections, and interest on a short-term loan for your deposit and on bridge financing. Conditions apply, so check with your relocation office before you make an offer.
What's available to every first-time buyer. Whatever your profession, start with the FHSA, the Home Buyers' Plan, the land transfer tax rebates and the federal Home Buyers' Amount.
Christian's take: None of this is financial advice, and not every program applies to everyone. Before you commit, verify with your lawyer, accountant or mortgage broker which rebates and programs you're eligible for.
