Finance
A purchase money mortgage is one where:
AThe buyer obtains financing from a bank
BThe seller provides financing to the buyer as part of the sale✓ Correct
CThe government guarantees the loan
DThe buyer pays all cash at closing
Explanation
A purchase money mortgage is seller financing in which the seller acts as the lender, accepting a mortgage note from the buyer instead of cash at closing. It is also called owner financing.
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