90 day "flipping" rule waived by HUD. Is it a good idea??The Department of Housing and Urban Development (HUD) announced on Friday the 15th, that it is waiving the rule which makes a property ineligible for FHA financing if it was bought within the last 90 days.The new rule will take effect February 1,2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA commissioner. The rule was first brought about to protect FHA borrowers against predatory practices of "flipping" where properties were quickly resold at inflated prices. In todays market of over-regulation and extra underwriting of appraisals, it would be hard to over inflated homes prices. The inflated prices are a thing of the past, for now.January 19 2010 - Stockton0YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.