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Question about location

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joey heydt

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Joined
Apr 17, 2006
Professional Status
Appraiser Trainee
State
Pennsylvania
A friend of mine owns a property along a main street in a small town. Located across the street from him is a convenience story with gas pumps. He is about to go for an FHA refinance on this property. I have heard both that because the gas pumps/tanks are within 300 feet of his property that this property will not pass and I've also been told that it would need to be noted but it is not reason for reject. Any opinions on this here would be appreciated. :)
 

Terrel L. Shields

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Gold Supporting Member
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May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
It's FHA's call. They used to not accept any property that was within 300' of most anything. Also, is the property zoned Res or commercial?
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Question

Are properties located next to gas stations eligible for insurance?http://FAQ.FHA.gov/rnt/rnw/img/trnsp.gif

Answer

Properties located near gas stations are eligible for FHA insurance. The lender is required to provide a written disclosure to the borrower if the property is located within 300 feet of a gas station.

If the property is within 300 feet of any stationary, above ground storage tank(s) containing more than 1,000 gallons of flammable or explosive material, the property is ineligible.

DISCLAIMER: All policy information contained in this knowledge base article is based upon the referenced HUD policy document. Any lending or insuring decisions should adhere to the specific information contained in that underlying policy document.

Source:
http://FAQ.FHA.gov/cgi-bin/answers_...1=20&cat_lvl2=0&p_search_text=&p_new_search=1
 
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