Fannie Mae will accept down payments of 3 or 5 percent on single-family homes under changes to its mortgage financing policies that will take effect June 1.

The nation’s largest backer of home mortgages said in a news release that it will accept a loan-to-value ratio of up to 97 percent on mortgages processed through its automated underwriting system and of up to 95 percent on loans written outside the system.

Fannie Mae said the national down payment policy will supersede a policy it adopted in December 2007 that required higher down payments in markets where home prices are declining.

“As another part of our keys to recovery initiative, we are today announcing that we will be equalizing the down payment requirements for borrowers in all parts of the country, regardless of local market conditions,” said Marianne Sullivan, a senior vice president. “This new down payment policy reinforces our goal to support successful home owning, not just home buying, as we seek to bring liquidity to all communities and help the housing market recover.”

The new requirements apply to loans for purchase of single-family, primary residences. Down payment requirements will vary for other occupancy, property and transaction types. The company will implement systems and operational changes over the summer to accommodate the new policy, the news release said.

Congress created Fannie Mae and Freddie Mac to increase mortgage financing and provide market stability. The companies, which own or guarantee more than 40 percent of the $12 trillion in U.S. residential mortgage debt, profit by holding mortgage assets that yield more than their debt costs, and from fees charged to guarantee bonds they create out of loans, Bloomberg said.

The U.S. Senate Banking Committee agreed Thursday on legislation that would overhaul regulation of Fannie Mae and Freddie Mac.