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 HUD/FHA 91-to-180-day rule: If you resell a home between 91 and 180 days after you buy it and the resale price is 100 percent or more than what you paid for the property, a second appraisal is required if the buyer is using an FHA loan to finance the purchase. If the second appraisal is 5 percent or more higher than the first appraisal, the lesser of the two appraisals is used for FHA loan approval.

 The 24-month history rule: Banks require title reports to determine chain of title dating back 24 months. If any more than one person has owned the property in that 24-month window, fraud might have played a factor. As an investor, always be careful about how many sales occurred in the past 24 months. Anything more than one and there might be a problem. Simply strolling into your county’s register of deeds and asking for all details recorded on a particular property within the past 24 months alleviates all doubts about the chain of title.

For more information on FHA mortgage related questions, visit http://portal.hud.gov/hudportal/HUD.