New in practice
Two years of tax returns you don't have yet.
Fee-for-service, locum shifts, a first associate contract — the income is real and often large, but it doesn't look like a T4 average. There is a window, and specialty-specific programs built for it.
The underwriting problem
Most lenders want two years of filed history. New-to-practice programs replace that with a published projected income for your specialty — and the number varies enormously between lenders, because some read a conservative default and others read gross clinical billings.
Run this first
Switch the affordability calculator to Newly practising, pick your profession and specialty, and watch the qualifying income change as you change lender. Then price your first renewal before you sign it.
Three lenders that fit this stage
| Lender | Min down | Why it fits |
|---|---|---|
| Manulife Bank | 10% | Specialty table reads gross clinical billings — often the highest projected figure |
| Scotiabank | 10% | Broad specialty schedule; strong on signed-contract files |
| Strive | 10% | 30-year amortization on the standard-premium grid; also covers allied professionals |
Specialty figures are each lender's published estimate — your signed contract and specialty set the exact number, which Ramin confirms for your file.
What you'll be asked for
For a projected-income file, usually: confirmation of your residency or fellowship enrolment, or your signed employment/associate contract with specialty and start date; proof of licensure or College registration; recent Notices of Assessment plus a current income document; your down-payment source with about 90 days of history (a gift letter if any of it is gifted); and your line-of-credit and other debt details. Ramin sends a tailored checklist once your lender is chosen.