I have been getting this question a lot lately. Because investors have begun buying and flipping homes again some are selling within 90 days of being bought by the investor. According to the FHA guidelines, a buyer cannot purchase a home that is being resold within 90 days. I have been informed by one of my lender's that the rules have changed and they have lifted that 90 day hold in order to reduce some of the inventory currently on the market. My best advice is to ask the listing agent ahead of time if that particular home has been purchased within 90 days and if so talk to the lender upfront to see if it is a home that the buyer can pursue. In most cases, it may not be. But if you have a knowledgable lender, then they may know how to get around the rule. According to the FHA, it is completely up to interpretation and just depends on who you get as an underwriter and which way they interpret the guidelines.
Good Luck, noone ever said getting a loan was easy, and it is even more difficult in this market.