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This is great news for all rehabbers and investors:

FHA waives 90-day waiting period for resales
by Matt_Carter from Inman News.  www.inman.com

In an attempt to help lenders speed the process of getting real estate-owned properties off their books, the Federal Housing Administration will temporarily lift a 90-day waiting period for property resales financed by FHA-guaranteed loans.
The 90-day waiting period -- instituted in 2003 to counter predatory lending and house flipping -- never applied to properties sold by Fannie Mae, Freddie Mac, or state- and federally chartered financial institutions.
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http://www.inman.com/news/2008/06/13/fha-waives-90-day-waiting-period-resales