Medical Doctor Mortgage Program – mortgage financing on your projected income!!
ATTENTION soon-to-be-Doctors – FINALLY a program that acknowledges that you will be earing lots of money – soon, but not just yet.
Medical Doctors still in school or residency can qualify for financing with 20% down payment (up to 80% LTV) using projected income.
- “Projected income” is based on what a medical doctor is expected to earn in their specialization of practice.
- existing student loans, or student line of credit are fine
- the 20% down CAN BE borrowed funds from a Line of Credit, or other source
- part or all of the 20% down CAN BE gifted from a family member
- there is NO sliding scale – which means if you want a 1,200,000 home and you have the 20% down ($240,000) then it can still work!
Call for details and a quick chat on the phone: 403- 681-4376
Mark Herman, Top Calgary, Alberta Mortgage broker for doctors and renewals.
How the new math on LOC’s is calculated.
Below are how the banks now have to take your debts into account for doing the qualifying math for your purchase. A bit complicated and not intuitive at all!
Mark Herman, Top Calgary, Alberta mortgage broker for renewals.
Secured LOC – Calculate the monthly payment on the balance amortized over 25 years using the contract rate. **Must have the statement showing the contract rate otherwise the current BoC rate will be used.
Unsecured LOC – or a Personal Line of Credit = 3% of the outstanding balance a month for the payment – so 20,000 owing @ 3% ends up as a $600 a monthy payment. YES, it is unfair.
Student Loans –
- If it’s a true student loan it should be reporting as an installment with CDA. If there is no payment, the bank will use 1%.
- If the debt is reporting to the bureau as a revolving LOC, and the client is paying interest only payments, the bank must use 3%;
- if we can provide proof that the LOC has a fixed payment and the loc has been re-written as a loan and is no longer revolving the bank can use this payment vs. 3%. In some cases, this may already be the case but it still reporting to the bureau as revolving.
Divorce and Mortgages
We do lots of mortgages for divorces – because they are complicated. Both people want to buy after or one buys out the other. BUT, you have to set the seperation agreement up correctly so this can happen.
Banks mess this up EVEY time as the math is complicated and people at banks are not licenced mortgage brokers 99% of the time.
Why not use the #1 mortgge brokerage in all of Canada for 2 years in a row to ensure your seperateion agreement is set up to work for both of you?
Mark Herman, Calgary Alberta mortgage broker and divorce mortgage specialist.
Below are some interesting numbers for Divorces:
If the Calgary- Red Deer – Edmonton Corridor was an actual country it would have:
- a growth rate only 2nd to China – in all the world and
- the highest divorce rate in all the world.
Other Key Findings
•Annual average of divorces in Canada: 71,000
•Marriages that won’t reach their 50th anniversary: 43%
Divorce Rates around the World
US, Australia 46%
United Kingdom 43%
Singapore, Poland 17%
Marriage rate in Newfoundland and Labrador 54.3% (highest in Canada)
Marriage rate in Quebec 37.5% (lowest in Canada)
Month with the highest Separation applications? January
Mortgage Rules for Divorces, updated for MArch, 2015:
In situations where two parties are on title to a property in the process of a legal separation where one party will keep the existing property, the following guidelines will now apply:
•Applications may be submitted as a purchase loan up to 95% LTV – or 5% down
•Both parties must be on title to the property prior to the legal separation
•Since this purchase transaction is non-arms length, a full internal appraisal is required
•The following documents confirming the sale price and transfer of title must be on file:
- Finalized separation agreement
- Offer to purchase