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Are properties located next to gas stations eligible for insurance?
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.
Reference ML 99-32; Handbook 4150.2 (Section 2-2M)
I used to think that a short stumbling walk to my local beer store would be good. But with a recent rash of stick-ups, I'm not so sure any more... I'd might rather walk a mile than 300 feet to get Sunday beer on Saturday at 8PM.