Increasing Homeownership Opportunities Act - Amends the Federal Home Loan Mortgage Corporation Act and the Federal National Mortgage Association Charter Act to increase limitations on the maximum original principal obligation of mortgages that may purchased by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation Association (Freddie Mac).
Increases such limitations in areas where 125% (currently, 115%) of the median price of residences of a particular size exceed existing mortgage purchase limitations for such residence size.
Gives the Director of the Federal Housing Finance Agency (FHFA) discretion to increase existing mortgage purchase limitations where an increase is warranted by higher median home prices in an area or sub-area and will have a significant impact on the cost or availability of mortgages for such homes.
Amends the National Housing Act to raise limitations on the maximum principal obligation of mortgages that may be insured by the Secretary of Housing and Urban Development (HUD).
Gives the Secretary discretion to increase mortgage insurance limitations where an increase is warranted by higher median home prices in an area or sub-area and will have a significant impact on the cost or availability of mortgages for such homes.