Mortgages for new physicians in BC

It depends on the lender. RFA's medical professional program, for example, accepts physicians within 24 months of finishing residency or fellowship. Scotiabank's own article mentions both two and three years. If you are close to the end of a window, compare options before you sign anything.

Often, yes. Many lenders will qualify a physician with a signed contract and a start date in the near future, typically within a few months of closing. The contract terms, billing model and start date all matter, so share them early.

Not with a medical professional program. Those programs exist so new physicians can qualify before they have a full income history. Standard mortgages usually want two years of returns from self-employed borrowers.

It can. Lenders treat locum work differently depending on how long you have done it and whether a permanent position is lined up. Our locum and fee-for-service guide explains what each type of lender looks for.

As self-employment income, in most cases, which is why projected-income programs help in your first years. Once you have a billing history, lenders read your tax returns, so the way you report income starts to matter.

Many physicians buy first. Incorporating changes the documents lenders see, because salary, dividends and money left in the corporation are treated differently. If you plan to incorporate soon, tell us at the start so we choose a lender that reads corporate income well.