What are some guidelines for communities to be FHA-approved?

The Federal Housing Administration only offers official approval to communities after all units are constructed, and no more than 50 percent of the property may be used for commercial purposes. No more than 15 percent of units may be in arrears for more than 60 days on any mandatory dues.

The FHA also requires that the community has a sufficient budgeted income of not less than 10 percent in a reserve account. Only half the units can be rentals or investor-owned. Insurance must be up-to-date and have broad coverage including full replacement costs and general liability. Communities within a 100-year flood plain must have flood insurance.