A bill to authorize the Comptroller General to audit the programs, activities, and financial operations of the Federal National Mortgage Association, and to amend certain housing laws for the purpose of improving Federal programs which insure home mortgages.

Authorizes the Comptroller General to audit the programs, activities, and financial operations of the Federal National Mortgage Association and to report to Congress on the status of such programs as he deems necessary.

Amends the Housing and Urban Development Act of 1968 to authorize the Secretary of Housing and Urban Development to extend counseling and technical assistance with respect to property maintenance and other matters to owners of single family dwelling units.

Amends the National Housing Act to direct the Secretary of Housing and Urban Development to insure mortgages pursuant to a co-insurance contract providing that the mortgagee will assume at least a specified minimum percent of any losses and will carry out appraisal and inspection as the Secretary shall approve.

Limits mortgage insurance to individuals whose mortgage payments do not exceed 28 percent of the monthly income of the mortgagor and his or her spouse.

Increases, from three to ten percent the amount required to be paid by a mortgagor on a residence before the mortgage is eligible for insurance under specified programs.