Fellows sit on the same ladder as residents
A fellow reads off the same projected-income schedule as a resident. At PGY-3 and later, the lender uses a flat $225,000 regardless of specialty, and that figure holds until the final year of training.
First and second year fellows sit lower, at a flat $185,000. The jump to $225,000 happens at PGY-3, not at any change in title. What matters to the lender is the year in the program, confirmed on enrollment paperwork.
The chart changes in the final year, and it stays in play for 36 months after completion. In that window the lender uses the specialty figure instead of the flat number. Unlisted specialties default to $225,000, and Family Medicine sits at $225,000.
Chart figures for common fellowship specialties
| Specialty | Projected income |
|---|---|
| Ophthalmology | $379,000 |
| Cardiology | $359,000 |
| Gastroenterology | $309,000 |
| Anesthesiology | $300,000 |
| Critical Care Medicine | $300,000 |
| Medical Oncology | $300,000 |
| Nephrology | $300,000 |
| Respirology | $300,000 |
| Family Medicine | $225,000 |
What a signed staff offer changes
Projected income is a floor, not a bonus. The lender uses the projected figure only when your actual verified income is lower. A signed staff offer gives the lender an actual contracted income to read, and if that number is higher, it replaces the projected floor.
You do not need a contract to qualify. A fellow with no signed offer still qualifies on the projected figure for their stage. The contract matters when your future compensation is stronger than the flat number and you want the file to reflect it.
What each path relies on
- No signed offer: the lender uses the projected figure for your year and specialty, backed by enrollment or completion confirmation.
- Signed offer: the lender can read the actual contracted income from the offer, used when it is higher than the projected floor.
- Either way, actual income must come from the medical field, and a file with zero income is not permitted.
Documents drive the file. Enrollment confirmation showing specialty and year, or completion confirmation with the date, plus provincial college registration, which is CPSO in Ontario. A signed staff offer becomes part of that package when you are relying on contracted income.
Buying in the fellowship city versus the staff city
The program lends on an owner-occupied principal residence, one or two units. Rentals, second homes and business-for-self-plus files are excluded. That single rule shapes the timing question more than income does.
If you buy where you do your fellowship and leave in a year, you own a home in a city you no longer live in. The program will not treat that home as a rental for this financing, so the exit is a sale or a switch, not a quiet conversion to an investment property.
The 36-month window as a planning horizon
Projected income applies while you are in training and for 36 months after completion. After that, projected income no longer applies and actual verified income is used. That window is the runway to buy in your staff city on the physician terms, rather than rushing a purchase in a place you are about to leave.
- Fellowship city, short stay: you carry transaction costs on a home you will exit within roughly a year.
- Staff city, on completion: the specialty figure and any signed offer support the purchase where you actually plan to live.
- The 36-month clock keeps the physician terms available after you finish, so waiting to buy in the right city does not cost you the program.
What the specialty figure qualifies for
Take a final-year fellow in a most-specialties chart position at $300,000. With no student debt and 20% down, uninsured, the qualifier example lands at a price of $1,713,276, on a monthly payment of $6,903 at a qualifying rate of 6.49%.
Add debt and less down and the number moves. At $300,000 income with $150,000 in student debt and 10% down, insured, the example price is $1,399,447. The monthly payment is $7,250 and the debt payment counted is $1,201, again at 6.49%.
| Income | Student debt | Down | Price | Monthly payment | Debt payment | Insured |
|---|---|---|---|---|---|---|
| $300,000 | $0 | 20% | $1,713,276 | $6,903 | $0 | No |
| $300,000 | $150,000 | 10% | $1,399,447 | $7,250 | $1,201 | Yes |
The debt line is the difference. A zero balance counts as zero. A $150,000 balance adds a $1,201 monthly payment to the ratios, which is why the second file supports a lower price even though income is identical. Down payment rules also apply: insured needs at least 5% from your own resources on a 10% minimum, uninsured needs at least 10% of your own on a 20% down. Gifts from family are acceptable for any part.
Sources and dates.
Figures in this guide come from the sources below. Each entry shows the date the source published it, or the date it was accessed when the source does not state one. The page carries a review-by date; after March 2027 treat any number as a starting point and check the source.
Frequently asked questions.
Does my qualifying income go up when I start a fellowship?01
Not automatically. Fellows use the same ladder as residents: a flat $185,000 at PGY-1 to PGY-2 and a flat $225,000 at PGY-3 and later. The higher specialty figures apply only in your final year and for 36 months after completion.
Do I need a signed staff contract to qualify as a fellow?02
No. A fellow qualifies on the projected figure for their stage without a contract. A signed staff offer matters when your contracted income is higher than the projected floor, because the lender can then read the actual number.
Can I use my future specialty income of $359,000 while still mid-fellowship?03
No. The specialty chart, such as $359,000 for Cardiology, applies in the final year and for 36 months after completion. Before the final year you qualify on the flat $225,000 at PGY-3 and later.
Should I buy in the city where I do my fellowship?04
The program lends on an owner-occupied principal residence, not a rental or second home. If you buy where you fellow and leave in a year, the exit is a sale or a switch, so the 36-month window after completion often makes buying in your staff city the cleaner path.
Does my student line of credit still count once I have a staff offer?05
Yes. Student loans and your professional line of credit are included in your debt ratios even when they are not in repayment, calculated at the minimum qualifying rate over a 15-year amortization. A higher income from a signed offer does not remove those payments.