The truth about downpayments now?
I readily admit that I understand very little about the financial aspects of buying a house (although we currently own two). Much of what is discussed here by triciae and Dave and others reads like a foreign language to me, and trying to decipher what is said in the news these days about the economy and banking, etc., makes my head spin.
My question is simple, I think, and IÂd like a KISS answer. Is it really true that now, in this new post-subprime-lending economy, the only way to buy a house is to put 20% down? Are there really no other lending options available to a non-first-time home buyer?