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

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.