FHA is tightening up on Flipping of properties. OFFICIAL
The flipping rules will be updated for 2015.
When the market was flooded with REO Properties (bank owned / foreclosures) Federal Lending Guidlines relaxed to help get the properties back on the market for homeowners looking to buy. Now that the market is recovering the FHA guidelines have tightened up. Now a property that has been bought and is now being resold will only be eligable for a FHA loan 91 days after the previous sale.
The waiver was put in place in 2010 but will now be revoked and the 90 day rule will be effective after December 31, 2014
If the property was bought, and it needed a large amount of repairs, this should not be a problem. 60 days for repairs to be completed and then another 31 days for the loan to finalized. There are ways around the 90 day waiting period but I do not feel there is a need to make the transaction any more difficult than it has to be. Below is the official PDF from HUD.gov