1. Short title This Act may be cited as the FHA Fairness Act . 2. FHA Principal obligation limits for residences in eligible cities and counties Section 203(b) of the National Housing Act ( 12 U.S.C. 1709 ) is amended by adding at the end of paragraph (2) the following undesignated paragraph: Notwithstanding any other provision of this paragraph, in the case of a residence located in an eligible city or county, clause (i) and (ii) of subparagraph (A) shall be considered to require that a mortgage shall involve a principal obligation in an amount that does not exceed in the case of a 1-family residence, 125 percent of the median 1-family house price in the eligible city or county in which the residence is located, as defined by the Secretary; in the case of a 2-family residence, 125 percent of the median 2-family house price in the eligible city or county in which the residence is located, as defined by the Secretary; in the case of a 3-family residence, 125 percent of the median 3-family house price in the eligible city or county in which the residence is located, as defined by the Secretary