Most lenders require ___ if down payment <20%:

Having one year's reserves in a certificate of deposit (CD) is not a standard requirement for lenders when the down payment is less than 20%. While having reserves can demonstrate financial stability, it does not specifically address the lender's risk in a low down payment scenario.

A certificate of reasonable value (CRV) is primarily used in VA loans to establish the value of the property being financed. This document does not relate to the down payment percentage or the protection for lenders when the down payment is under 20%, making it an irrelevant choice in this context.

While a FICO score of 745 or higher may qualify a borrower for better loan terms, it is not a requirement specifically tied to down payments under 20%. Lenders may have varying criteria for credit scores, but PMI is specifically required to mitigate risks associated with lower down payments, regardless of the borrower's credit score.