US "doctor loan" vs the Canadian reality
Type "doctor loan" into a search engine and most results are American: no PMI, tiny down payments, special rates. Canadian physicians read that content, walk into a branch expecting the same deal, and leave confused.
The Canadian version trades the insurance gimmick for something structurally more valuable. Instead of discounting insurance, the leading Canadian programs change whose income you are: a resident earning a stipend is assessed as if earning a published projected amount for their stage and specialty. That is the difference between not qualifying at all and buying a home in second year of residency.
The published projected-income amounts
| Stage | Qualification income |
|---|---|
| Residents and fellows, years 1-2 | $185,000 |
| Residents and fellows, year 3+ | $225,000 |
| Final year and newly practising: family medicine | $225,000 |
| Final year and newly practising: most specialties | $300,000 |
| Selected specialties | Higher published amounts |
The projected figure applies when your actual income is lower than it, which is exactly the trainee situation. Your real income is still verified and must come from your medical field: the programs do not run on zero income. Enrolled residents document enrollment with specialty and year; newly practising physicians document program completion within the last 36 months; provincial college registration ties the file together.
The parts American blogs will never tell you
- Insurance premiums run higher, not lower: under 20% down, the program premium tiers sit above the standard schedule. The qualification power is what you are buying.
- Minimum down payment on the insured side is 10%, with at least half from your own resources. Family gifts can fund the rest.
- Student loans and student lines of credit count in your debt ratios even if repayment has not started.
- Principal residence only, up to two units. Rentals and cottages are outside the programs.
- After the 36-month window, you qualify on your actual income like any borrower, which by then is usually the better story anyway.
Why the door you walk through decides the answer
Not every lender runs these programs, and a branch that does not know its own physician policy will read you as a standard file: two years of history, stipend income, decline. The file was never the problem. The door was.
This is the core of what we do: matching your stage, specialty, income structure, and student debt to the program that reads your file best, and confirming the live terms at application because published figures change.
Frequently asked questions.
Do Canadian banks offer doctor loans like in the US?01
Not the US version. No Canadian program waives mortgage default insurance for physicians. What Canada offers instead is projected-income qualification: residents and new physicians are assessed on published amounts for their stage and specialty, commonly $185,000 to $300,000 or more, which is usually worth far more than an insurance discount.
How much can a resident qualify on under a Canadian physician program?02
Under the leading programs, first and second year residents and fellows qualify on a projected income of $185,000, rising to $225,000 from third year. Final-year residents and newly practising physicians use published specialty amounts, commonly $300,000. Actual income is still verified and figures are confirmed per file.
Do physician programs in Canada require mortgage insurance?03
Yes, under 20% down, like any Canadian mortgage, and the program premium tiers sit above the standard schedule. With 20% or more down the insurance question disappears entirely.
How long after residency can I use a physician mortgage program?04
The programs cover physicians during residency or fellowship and for 36 months after completing the program, with a comparable window for foreign-trained physicians licensed with a provincial college who are citizens or permanent residents.