Conventional loan LTV question

[Hector Perez]

Hello fellow BP members

Need help to estimate the downpayment for a conventional loan. I am doing a cash flow analysis that I will be presenting to potential buyers.

I have a house in Houston under contract, built in 1995, in a nice area of town that I am selling for $101K, the estimated ARV is $115K, rents are $1,300.

The conventional loan downpayment (LTV 80%) is based on the estimated appraised value of $115K or the purchase price of $101K?

Thanks for your help

Hector