Skip to main content

ONLINE BANKING

Blog

Ask The Expert - February 2018

by Stacy Wise | Feb 26, 2018

Recreational Property

Question: 
Do I need 20% cash down to buy a farm or recreational property?

Answer: No. Actually, many people do not have a 20% down payment in cash. In general, most banks want some amount of equity in the transaction and people have always heard a 20% down payment is required, but it can be more or less. Each bank may require a different amount of equity, but the source of that equity can come from cash, another piece of property you own or even your home. If you are interested in purchasing a farm or recreational land, contact one of our experienced lenders and we'd be happy to discuss your next land purchase.

Our Fulton County Loan Officers

Mitch Coonradt, Assistant Vice President 
309-647-5000  |   email

Bruce Edwards, Senior Vice President 
309-647-5000   |   email

Jeff Strode, Vice President 
309-647-5000   |   email

Doug Tindall, Vice President 
309-547-2246   |   email

Our Marshall County Loan Officers

Denise Salisbury, Loan Officer
309-364-2302  |  email

Robert Watkins, Senior Vice President & Henry Banking Center Manager
309-364-2302  |  email

Our McDonough County Loan Officers

Jordan Pounders, Assistant Vice President 
309-833-4111  |  email

Ryan Riggins, Assistant Vice President 
309-833-4111  |  email

Ryan Van Dolah, Loan Officer
309-833-4111  |  email

Stay Informed

We'll only send things you are interested in. Never spam, promise.

* Indicates Required