Financing Question

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I am getting conflicting answers about this, and want to clear it up since it is potentially important. Mortgages programs are offered for different LTV situations. It seems most investor loans are 80/20, meaning I have to come up with 20% of the purchase price. This proves problematic if one plans to grow his/her portfolio quickly and doesn't have mountains of cash. Here's the twist, is the 80% portion calculated off of the purchase price, or the appraised value? If it is done off the appraised value, I should be able to find a home discounted by 20% from appraised value, and get a loan for 100% of the purchase price, meaning no cash out of my pocket. Is that correct? Or am I only going to get 80% of the purchase price, meaning I still have to come up with 20% of the purchase price. Thanks for clarifying this for me.