Getting a conventional or jumbo loan up to 85% or 90% is difficult at best but possible.
One program available that comes to mind is will go up $1,000,000 loan amount up to 85% combined loan to value. Essentially, in this case it would be 80/85/15. Credit scores must be a minimum of 720, and the debt ratios must be in line demonstrating the homebuyer can afford the payments.
Otherwise, $750,000 loan amount up to 10% down= 80/10/10. The advantage to this type of financing over an FHA which allows up $729,000 with one loan and only 3.5% down in Orange and LA Counties, is there is NO Mortgage Insurance!!! That would represent thousands of dollars, and tens of thousands of dollars of savings over the life of the loan.
In summary, while there are programs available for lower down payments, they do require well qualified buyers/borrowers who are ready to tackle the loan process with all their financial documentation ready to go!
Sr Mortgage Lender
Interesting Question about protecting yourself as lessee on property and possible seller defaulting on his loan.
In California and if you have a written lease, and if it is a recordable document clearly showing legal description of the property, you can file a Lis Pendes with the county recorder. You can also file and Request for Notice involving this property and ask that the recorder notify you of official other recordings during time of the lease.
Please hire a qualified Realtor agent for your situation involving this lease.
Harrison K. Long
Realtor & broker
Explore Group Properties, Coldwell Banker Previews
http://www.BuyersExploreHomes.com (The Best Web Site For Property Searching)