• USDA Loans- The Rural Development (RD) program is designed to “improve the economy and quality of life in rural America.” It offers low interest rates and no down payments, and you may be surprised to find just how accessible it is. The USDA guarantees a mortgage issued by a participating local lender — similar to FHA- and VA-backed loans — allowing you to get low mortgage interest rates, even without a down payment. Similar to and FHA loan, an upfront premium and monthly mortgage insurance is required. A monthly payment — including principal, interest, insurance and taxes — that’s 29% or less of your gross monthly income. Other monthly debt payments you make cannot exceed 41% of your income.