The House has overwhelmingly passed what has become omnibus housing legislation that includes numerous provisions to boost home ownership. The bill literally has something for everybody.

The measure, which was cleared on a surprisingly strong 417 to 8 vote, features a number of special provisions that will help an estimated 125,000 public employees, teachers, police officers, fire fighters, municipal workers and corrections officers and persons with disabilities purchase houses over the next five years.

It also authorizes the Federal Housing Administration to insure combination adjustable-fixed rate mortgages and simplifies the astonishingly difficult FHA downpayment calculation. It does not, however, allow the FHA to back more adjustable loans, as had been hoped for by lenders. For now, at least, only 30 percent of all FHA loans can be ARMs.

But the bill does raise the bar for persons with little equity in their homes by increasing the loan limit for FHA's Title One property improvement loan from $25,000 to $32,500. Title I loans are an important source of home improvement financing for the increasing number of people buying houses with 5 percent down or less.

Furthermore, the bill advances reforms to FHA's 203(k) home renovation loan program to protect consumers against fraud and incompetence. For example, business affiliations between lenders, consultants, contractor, realty agents, non-profits, appraisers or anyone else with a financial stake in the 203(k) project are forbidden.

203(k) loans enable consumers to obtain a single mortgage to cover the cost of buying and renovating a home rather than taking out two loans one to purchase the place and the other, usually more expensive one to fix it up.

In addition, the bill makes some technical corrections to make certain the recently enacted private mortgage insurance cancellation and disclosure law works properly. And it encourages local governments to reduce barriers to affordable housing that arise from unnecessary and excessive regulations.

Of course, the housing bill is only halfway home. It still must be acted upon by the Senate. And then the President must sign it. But there was indeed joy in Mudville when the House moved swiftly and solidly.

"We are not surprised by the size of the victory," gushed Paul Reid of the Mortgage Bankers Association. "We have heard a loud voice from our own grassroots supporting the key provisions of this bill, and obviously Congress heard them, too."

Here's a laundry list of some of the legislation's other major provisions: