here are linke to some more info on the subject.... feel free to contact me directly to review your specific situation at joemonte@hometeamNJ.com or 856-374-2800 x106.

Joe Montenigro
REMAX Home Team
http://hometeamNJ.com

Announcement of the anti flipping rule in 2003.....
http://www.hud.gov/news/focus.cfm?content=2003-05-02.cfm#1

the text of the anti flipping rule from 2003......
http://www.fhasecure.gov/offices/adm/hudclips/letters/mortga…

Press release about the waiver of the anti flipping rule in 2008.....
http://www.hud.gov/news/release.cfm?content=pr08-082.cfm

This is a link to the waiver of the flipping rule for certain banks, etc......
http://portal.hud.gov/portal/page/portal/FHA_Home/press/prop…

Yes that's correct, except in certain circumstances. It's commonly known as FHA's anti flipping rule. If however, HUD or another bank forecloses, there is an exception that came out last year, and the 90 day waiting period does not apply. If the sale is with 180 days, there are also restrictions on how much FHA will allow the seller to profit and may require receipts, etc showing what work was done to the property to increase it's value. I'll look for the HUD mortgagee letter on the subject and may post a link to it later.

Does that answer the question for your specific situation?

Joe Montenigro
Broker-Owner
REMAX Home Team