Mortgage Credit Availability Act of 2011 - Requires the Director of the Federal Housing Finance Agency, for 2012-2014, to determine for each county witha population exceeding one million individuals whether a significant share of the county population resides, as of the commencement of each such year, in sub-areas of the county for which the median price for a one-, two-, three-, or four-family residence is more than three times the national median price for such a residence.
Authorizes the Director, with respect to any such county, to increase the limitation on the maximum original principal obligation of a mortgage that may be purchased by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) for any size or sizes of residences for a contiguous, reasonably compact set of sub-areas within the county for which the median price exceeds three times the national price. Applies to an entire Metropolitan Statistical Area (MSA) any such increase in limitation if the county for which the limitation is increased is located in that MSA.
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