Down payment for conventional loans based on price or value?

[Steven N.]

Im looking to buy a SFH for 140k. Zillow estimate is 183k. Roof and a/c 2 years old. interior updated 10 years ago when owner bought. If I do a conventional loan is the down payment required based on the purchase price or the appraised value of the property?

Im just looking for a way to either get it for low money down or do cash out refinance 6-12 months later