I’m not so sure this is a good idea. Seriously. It’s not usually the down payment that makes the house more affordable, is it?

Fannie Mae, the largest U.S. home funding source, is setting a single national standard for down payments on mortgages it buys, including areas where home prices are falling, in an effort to stimulate the housing market.

On loans it purchases, the company will accept down payments as low as 3.0 percent for single-family, primary residences in all U.S. markets starting June 1. That replaces a policy set in December that mandated higher down payments in markets where home prices are dropping, Fannie Mae said on Friday.

The rule change comes as many in the housing industry call for Fannie Mae (FNM.N) and Freddie Mac (FRE.N), the second-largest federally chartered home funding company, to make more affordable housing available. The two government-sponsored, shareholder-owned companies buy mortgages, freeing up funds for more lending.

I would think that the overall price of the house in ratio to the buyers income would be a better gauge as to what is affordable. Then again, that’s what got the mortgage lenders into the mess they got into in the first place.

Are we trying for a repeat of history by making things “easier” for the buyers to get into contracts they can’t keep?

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