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The two-year-old DC Open Doors program has provided more than $100 million in funds for mortgage loans for District residents.

The program, launched by the DC Housing Finance Agency in May 2013, offers fully forgivable loans to pay for minimum down payment requirements and below-market interest rate mortgage loans. DC Open Doors has provided financial assistance to 412 buyers in all eight city wards.

The average loan amount for the program is $274,425, and the average income of participants in the program is $80,862.

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DC Open Doors is designed to help buyers who have good income and good credit but have been unable to save enough money for a down payment. It is not limited to first-time buyers.

Borrowers must be able to qualify for a mortgage under the guidelines established by the Federal Housing Administration (FHA) or by Fannie Mae.

In addition, loans are limited to buyers with a household income of a maximum of $125,580, a minimum credit score of 640 or 680, depending on the loan program, and a 45 percent debt-to-income ratio, which compares the minimum monthly payment on all your debts, including your housing payment and your gross monthly income.

[Need a hand to buy a home? A gift toward the down payment can help.]

Borrowers can receive down payment assistance in the form of a forgivable loan of up to 3 percent or 3.5 percent, depending on the loan program.

For more information on DC Open Doors click here.

Michele Lerner is a freelance writer. To pass on a tip or news item, contact us at realestate@washpost.com and put “Town Square” in the subject line.