basic question about mortgage loans

[Terrence Evans]

I feel dumb for asking this given how I once had a mortgage.

But.. let's say you bought a house for less than it was worth. So you have equity built in. And let's use real numbers. This mythical house was bought for $76k but it is worth $100k. So when you go to a lender for the loan, do you have to put down any money? You already have 76% LTV. It's the same as if you bought the house for $100k and put down $24k (> 20%).