The number of first-time homebuyers has declined in 2017 and so has the percentage of their down payments, according to the December 2017 Down Payment Report. More buyers reported carrying more student loan debt as well.

In an interview published in the report, Laurie Goodman, who is co-director of the Urban Institute’s Housing Policy Center, promoted down payment assistance programs and said they are not inviting another real estate bubble.

“First of all, today we are screening borrowers more effectively to see if they can afford to make the payment,” Goodman said. “Income documentation is much more stringent than it has ever been. Also, credit scores have gone up dramatically. Moreover, we are clearly not in a housing bubble. In fact, a supply shortage in many markets will put upward pressure on home prices for years to come. Given that, low down payments in combination with other strong characteristics make for very good mortgages.”