What would most lenders require if the buyer is putting less than 20% down?

Requiring a year’s worth of reserves in a certificate of deposit is not a standard practice for lenders. While having reserves can be beneficial for a borrower's financial profile, it does not directly address the issue of low down payments and the associated risk, which PMI specifically mitigates.

A certificate of reasonable value (CRV) is often associated with VA loans, confirming that the property's value meets or exceeds the loan amount. This document does not relate to down payment amounts and is not a requirement for conventional loans or when down payments are below 20%.

While lenders may have preferred credit score thresholds, a FICO score of 745 is not a universal requirement for all buyers putting less than 20% down. Lenders typically consider various factors, including the overall financial profile of the borrower, rather than imposing a fixed score requirement that applies to all situations.