A bill to amend the National Housing Act in order to provide for more efficient and effective service to housing consumers and to the residential home-building, real estate and mortgage lending industries through the residential mortgage loan insurance programs administered by the Federal Housing Administration of the Department of Housing and Urban Development.

Amends the National Housing Act to revise eligibility for mortgage insurance programs with respect to the principal obligation involved for rehabilitation and neighborhood conservation housing insurance, mortgage insurance for servicemen, mortgage insurance for condominiums, rental housing insurance, cooperative housing insurance, and mortgage insurance for housing for moderate income and displaced families.