Earlier this year on a painful transaction, I learned...

1. On an FHA deal, the seller must own the property (be the owner of record as reported by the recorded date on public records, NOT the day that seller closed on  the house) for at least 90 days before he can sale the property to an FHA buyer (He can go to contract on day 91 of  seller ownership, not before.) The days start from date recorded for seller purchase to the start date on the buyers agreement of sale. (NOT closing date to closing date). If this is 90 days or less, the property is ineligible for FHA financing (unless you write your AOS with beginning date on 91st day).
2. If the seller owns the property between 91 & 180 days AND the new purchase price exceeds 100% of the seller's original cost seller paid to purchase it (as per public records recorded sale price) FHA requires the lender to obtain a separate second appraisal.  Loan amount will be based on the lower of three: AOS purchase price or lowest appraisal value.
3. 181 days or more: no problems with this rule. One appraisal as normal.
4. This is a hard and fast rule set down by FHA (and therefore applies to any lender). Exceptions to this rule apply on most Bank REO sales and HUD PDs (HUD sales).  Also, exceptions (with appropriate documentation) are usually granted on relocation sellers, estate sales, inherited properties, and nominal transfers (where the seller bought the house more than 1yr ago but added spouse to title/deed sometime within the last 180 days).
5. Realtors  can easily check for this upfront by checking the property in public records in trend (just look to see the recorded date for when the seller bought the property  (not the actual settlement date) and compare it to the start date on the AOS you are writing for the FHA buyer . If the time frame is more than 180 days, you don’t need to worry about this rule. If its less than 180 days, you'll want to take into account the above if you are dealing with an FHA buyer.

BUT I heard that this had gone away since earlier this year. What are the current rules??