When stated income mortgage programs were removed from lenders, it left a lot of clients including medical professionals looking for mortgage solutions. By bringing back a projected income program, we now can better serve the medical community that are recently licensed and have high earning potential but may not have filed income that can traditionally debt service a mortgage.
Key Feature of Program: A program to allow the use of future (projected) income for qualification purposes for medical professionals who have recently completed or are in at least their third year of residency or fellowship.
The impact of programs like projected income for medical professionals and niche programs for clients that are new to Canada, business for self or construct a home are crucial to everyone having a fair chance at getting into the real estate market, when the income or real estate is not as traditional!