As home prices rise, a larger percentage of first-time buyers are putting down less than 20 percent to buy a home, according to the October Down Payment Report from Down Payment Resource.

“Of all first-time buyers closing in August, 71 percent put down less than 20 percent, up from 66 percent in August 2016,” the report said. “Only 53 percent of all buyers made down payments lower than 20 percent.”

Today’s low-down payment loans are not as risky as those made in 2005 and 2006, according to a report from Black Knight Financial services quoted in the report.

“At that time, half of all low-down-payment purchase originations involved ‘piggyback’ second liens, as opposed to a single low-down payment first lien mortgage that is prevalent today,” the report said. “In the boom years, a large proportion of low-down payment loans were adjustable rate mortgages, which were riskier. Borrowers using low down payment programs today have average credit scores roughly 50 points higher than those in 2004 to 2007 and defaults among current low down payment mortgages remain low and performance has been much better than among similar loans in 2005-2006.”