To amend the National Housing Act of 1934 to limit eligibility for mortgage insurance based on borrower income, and for other purposes.

[AI summary unavailable — showing source text] Amends the National Housing Act of 1934 to limit mortgage insurance eligibility to mortgagors whose family income is: (1) 115 percent or less of area median family income; and (2) 125 percent or less of statewide median income. Repeals mortgage insurance ceilings on one-to-four family residences.…