Expanding American Homeownership Act of 2006

[AI summary unavailable — showing source text] Expanding American Homeownership Act of 2006 - FHA Modernization Act of 2006 - Amends the National Housing Act to: (1) modify guidelines governing the maximum principal housing loan obligation; (2) extend the mortgage term to 40 years; and (3) revise requirements for cash payment by the mortgagor in the eligibility criteria for mortgage insurance. Authorizes the Secretary of Housing and Urban Development to establish a mortgage insurance premium structure involving a single premium payment collected prior to the insurance of the mortgage that may vary during the mortgage term. Requires the Secretary to notify specified entities whenever the Secretary takes discretionary action to suspend or revoke approval of a mortgagee to participate in any mortgage insurance program. Permits the Secretary to insure any mortgage covering a one-family unit in a condominium project if the project has a certain blanket mortgage insured by the Secretary. Revises requirements for the Mutual Mortgage Insurance (MMI) Fund. Limits the Secretary's authority to enter into commitments for loan guarantees. Requires annual independent actuarial studies of the Fund. Declares that insurance of a Native Hawaiian…