How can I hold a jumbo? Jumbo mortgage buyers sometimes don't start out with a jumbo loan in mind. It's just that sometimes the perfect home in the perfect neighborhood is worth the price. Problem is that some buyers don't have the down payment immediately for a jumbo loan, which is usually about $417,000 or more, depending on the location. But, lack of down payment cash doesn't have to stand in the way of a purchase. A lease-to-buy arrangement can give buyers some breathing room to move around investments and gather the down payment. Buyers can sign a lease for two or more years and lock in the purchase price. Here's how it works: The renters agree to a lease option that allows them to either buy or walk away from the property when the lease expires. Instead of a down payment, they pay a deposit that's usually 2 percent to 2.5 percent of the property's market value. The deposit will be credited toward the down payment if the home is purchased, but if the renter decides not to buy, the seller keeps the deposit. Sellers can ask a high monthly lease. Buyers might specify that a portion of the rent money goes to the down payment. The lease will specify terms of the future sale. They should be designed so a seller can't block the attempt to buy if the buyer wants to go ahead, which avoids negotiations later. Whatever arrangement buyer and seller make, the mortgage lender will spell out the terms in the contract.