A bill to authorize the Federal Housing Administration and the Government National Mortgage Association to enter into additional commitments to insure loans and guarantee mortgage-backed securities during fiscal year 1986, and for other purposes.

FHA and GNMA Credit Commitment Assistance Act of 1986 - Authorizes the Government National Mortgage Association and the Federal Housing Administration (FHA) to enter into additional specified FY 1986 commitments to guarantee mortgage-backed securities and insure loans under the National Housing Act. Directs the Secretary of Housing and Urban Development to notify the appropriate congressional committees if cumulative FHA insured and guaranteed loan commitments exceed specified limits.