Ophthalmology carries one of the highest projected incomes in medicine. The qualification story is reading high corporate income, not the modest salary you draw.
On the physician program's projected income of $379,000 for ophthalmologists in the final year of training and the first 36 months of practice, the debt-service ratios allow roughly $2,170,000 with 20% down and no student debt, or just under $1,500,000, the most an insured mortgage allows, with 10% down and $150,000 of student debt. Established ophthalmologists qualify on actual income, and incorporated ophthalmologists on corporate income, which is usually higher.
Contract rate 4.49%, qualifying rate 6.49%, 39% GDS and 44% TDS, property tax 0.75% of price, heating $100 a month, student debt counted at 5.25% over 15 years, program insurance tiers when insured. Rounded to the nearest $10,000. An illustration, not a pre-approval.
A physician program could add
$0
to the home you can buy.
Estimate at 4.49%, stress tested at 6.49%, with 10% down, below the $1.5M insured limit.
In your final year of training and for 36 months after, a physician program can use $379,000 as your income when what you actually earn is lower. That lets a ophthalmologist buy before the first staff paycheque instead of waiting to build a track record.
Student loans and your line of credit count even if you are not paying them yet. On $379,000, $150,000 owing still leaves room for a home priced just under $1,500,000 with 10% down, the most an insured mortgage allows. At $1,500,000 and above you need 20% down.
After the 36 months, lenders use what you actually earn. Most established ophthalmologists bill through a corporation, and how a lender reads that corporation decides how much you can borrow. We plan the salary and dividend mix with your accountant before you apply.
To pay the least interest, keep the regular payment comfortable and put a lump sum down each year from your bonus or corporate draw. Pick a mortgage with enough prepayment room for that, and a term that fits how long you will stay.
How we work with your corporationOphthalmologists combine surgical and clinic fee-for-service billing, often with strong margins, and almost all attendings incorporate. Income is among the highest in medicine.
Ophthalmology corporations hold significant income beyond the T4 salary drawn. Corporate-income programs read corporate revenue and dividends, typically lifting capacity by 50-80% or more.
How lenders read a corporationHow much mortgage can an ophthalmologist qualify for in Canada?
On the physician program's projected income of $379,000 for ophthalmologists in the final year of training and the first 36 months of practice, the debt-service ratios allow roughly $2,170,000 with 20% down and no student debt, or just under $1,500,000, the most an insured mortgage allows, with 10% down and $150,000 of student debt. Established ophthalmologists qualify on actual income, and incorporated ophthalmologists on corporate income, which is usually higher.
Why do ophthalmologists qualify for such large mortgages?
Ophthalmology has one of the highest projected attending incomes in medicine, and almost all attendings incorporate. Corporate-income qualification captures that high income, supporting large, often conventional, purchases.
Does student debt count when a ophthalmologist applies for a mortgage?
Student loans and your professional line of credit are included in your debt ratios even if they are not in repayment. The payment is calculated at the minimum qualifying rate over a 15-year amortization. Other student revolving credit counts at 1.5% of the balance per month.
How much down payment does a ophthalmologist need?
Insured: minimum 10% down, at least 5% from your own resources, the rest may be borrowed or gifted. Uninsured: 20% down, at least 10% from your own resources. Gifts from family are acceptable for any part.
