Mortgages for medical residents in BC

Yes, with the right lender. Several medical professional programs accept residents once they are in an accredited program, and Scotiabank publishes a sample qualifying income of $185,000 for first and second-year residents. What matters most at PGY-1 is your credit history, your line of credit and your down payment.

It matters for your budget, even if the lender qualifies you on projected income. Your monthly payment comes out of your resident pay until you finish training, so we size the mortgage to a payment you can carry now. First-time buyers can also choose a 30-year amortization on an insured mortgage to lower that payment.

Sometimes. A few lenders will consider an incoming first-year resident once the match is confirmed, but most want you in, or about to start, an accredited residency program. If you are matching to a BC program and want to move in near July 1, start the conversation in the spring.

Many residents rent the home out or sell. If you sell within two years, BC's home flipping tax can apply, but there is an exemption for relocating for work when your old home is at least 40 km farther from your new job than your new home. Plan this with an accountant before you buy.

Yes, and you can use both for the same home. A First Home Savings Account allows $8,000 of contributions a year up to $40,000, and the RRSP Home Buyers' Plan lets you withdraw up to $60,000. Together they can make up a meaningful part of a resident's down payment.

Usually, yes. Most insured programs accept a gift from immediate family, documented with a signed gift letter and proof the funds are in your account. Some programs, such as RFA's, require the first 5% to come from your own savings.