One schedule for residents and fellows
The program treats residents and fellows the same way. What sets your qualifying income is your year of training, confirmed on your enrollment paperwork, not whether your title says resident or fellow.
In the first and second year, the projected income is $185,000. From the third year on, it is $225,000. Those two figures apply regardless of specialty.
The final year is where specialty starts to matter. In your last year of residency or fellowship, and for 36 months after you complete it, the lender uses the figure for your specialty. Family medicine sits at $225,000, and any specialty not on the chart defaults to $225,000.
Chart figures for common specialties
| Specialty | Projected income |
|---|---|
| Ophthalmology | $379,000 |
| Cardiology | $359,000 |
| Gastroenterology | $309,000 |
| Anesthesiology | $300,000 |
| Emergency Medicine | $300,000 |
| General Internal Medicine | $300,000 |
| Psychiatry | $300,000 |
| Pediatrics | $300,000 |
| Family Medicine | $225,000 |
What the lender still checks
Projected income is used only when your current income is lower than the projected figure. It does not replace verification. The lender still confirms your actual income under standard income rules.
- Your actual income has to come from your field of study. Income from an unrelated field does not count.
- A file with zero income is not permitted.
- Student loans and lines of credit are included in your debt ratios even if you are not repaying them yet.
- Standard debt ratio limits apply, calculated on the projected income used to qualify.
Documents for each stage
- In residency or fellowship: confirmation of enrollment showing your specialty and current year.
- Newly practising: confirmation of completion showing your specialization and completion date, within the last 36 months.
- Starting first-year residency before your college listing is live: a letter of acceptance from the program, plus confirmation from the program coordinator or registrar.
Buying where you train versus where you will practise
The program lends on an owner-occupied principal residence of one or two units. That rule shapes the timing question as much as income does.
If you buy in your training city and leave when you finish, the home is no longer your principal residence. Plan the exit before you buy, whether that is selling or moving the mortgage with a switch or refinance.
The 36-month window as a planning horizon
Projected income stays available for 36 months after you complete residency or fellowship. That window gives you room to buy in the city where you plan to practise, on the program terms, instead of rushing a purchase in a city you are about to leave.
What the specialty figure can qualify for
These are illustrations from our qualifier, not pre-approvals. They assume a 4.49% contract rate, a 6.49% qualifying rate, 39% GDS and 44% TDS, property tax at 0.75% of price and heating at $100 a month.
A final-year resident or fellow in a specialty at $300,000, with no student debt and 20% down, lands at an example price of $1,713,276 with a monthly payment of $6,903. With $150,000 in student debt and 10% down, insured, the example price is $1,399,447, with a monthly payment of $7,250 and $1,201 a month counted for the debt.
The debt is the difference. Income is identical in both examples, but counting the student debt lowers the price the second file supports. Down payment rules also apply: insured needs at least 10% down with 5% from your own resources, and uninsured needs at least 20% with 10% from your own resources. Gifted down payments can form any part of it.
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.
Is the projected income different for residents and fellows?01
No. Both follow the same schedule: $185,000 in the first and second year, $225,000 from the third year, and the specialty chart in the final year and for 36 months after completion.
Can I use my future specialty income while I am still mid-training?02
No. The specialty chart, such as $359,000 for cardiology, applies in the final year and for 36 months after completion. Before that you qualify on $185,000 or $225,000 depending on your year.
Does the lender still look at my actual income?03
Yes. Your actual income is verified under standard rules, it must come from the medical field, and a file with zero income is not permitted. The projected figure is used only when your current income is lower.
Do my student loans and line of credit count if I am not repaying them yet?04
Yes. Student loans and lines of credit are included in your debt ratios even when they are not in repayment.
Should I buy in the city where I am training?05
The program lends on an owner-occupied principal residence, not a rental or second home. If you will leave when training ends, plan the exit first. The 36-month window after completion often makes buying where you will practise the cleaner path.