Your home's purchase price determines the minimum down payment you'll be required to put down along with which mortgage rates you qualify for.

If the purchase price is: $500,000 or less – Your minimum down payment is 5% Between $500,000 and $999,999 – Your minimum down payment is 5% of the first $500,000 PLUS 10% of the remaining portion of the home price $1,000,000 or more – Your minimum down payment is 20%

Your down payment will determine which rates you are eligible for and if you will need to purchase mortgage default insurance.

If your down payment is less than 20%, you will be eligible for the lowest mortgage rates available but you will be required to purchase mortgage default insurance. If your down payment is 20% or greater, you will not need mortgage default insurance but the mortgage rates you are eligible for may be higher.