how do I go about getting a mortgage for a $20,000 home? Can I do a 15 year or should I get a personal loan?? Please help I know nothing!
I'm not so sure that you can get a mortgage for 20k. I think that is just too low for most lenders.
You could get a personal loan for 20k depending on your credit or you could put it on your credit cards if you have a high enough limit. I would caution you on the high interest rates on credit cards so it depends how fast you intend on paying it off.
It would depend on your end goal. If its a property that you intend to hold for less than a year i would go the credit card route. I know i can easily get 20k interest free for 12-18 months due to my credit score. Only charge would be the 3% transfer fee.
Also you could look for a private or HML that makes loans that low. Lowest i have seen in my area is 75K but that is the higher cost area of Chicago.
Now if this is a long term buy and hold then it might be trickier since you dont want to pay hard money rates long term. Im not sure how to go about that.