It was supposed to expire at the end of the year. If you flipped a house within 90 days, you could not sell to someone who is getting an FHA loan. In the 90’s there was a lot of hanky panky going on. In its usual way, the govt went overboard the other way but they had recently allowed flipping with some restrictions.
However there are still some rules to prevent funny business.
1. Arms length tranaction- no selling to relatives
2.You must have legal title
3.If the sale price is 20% higher you have to get a 2nd appraisal by someone who is not known to the seller.
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