FHA has updated its flipping rule and the following transactions do not have any restrictions to time frames when applying for FHA financing:
FHA REO properties sold by FHA
Re-sales of properties purchased by an employer or relocation agency
Property inherited by the seller
Sales by other U.S. Government Agency of SFR properties
Sales of properties by nonprofits approved to purchase HUD owner SFR
Sales of properties by state and federally charted financial institutions and GSE
Sales of properties by local and state government agencies
Sales of properties within Presidentially-Declared Disasters Areas
Sales of properties acquired by foreclosure by state licenses mortgage lenders
Any re-sales, other than those exemptions listed above, where the sales price increase is less than 20% of the seller’s acquisition cost
If a property sales price has increased more than 20% over the acquisition cost, the property is not eligible for FHA financing.
If you have any specific questions, feel free to contact me directly.