Finance
A purchase money mortgage (PMM) is one in which:
AThe seller acts as the lender, financing part of the purchase price✓ Correct
BThe buyer borrows money from a bank to purchase a home
CThe government provides funding through a housing program
DThe lender holds the purchase price in escrow
Explanation
A purchase money mortgage is created when the seller provides financing directly to the buyer as part of the purchase transaction. The buyer signs a note and mortgage to the seller rather than to a third-party lender.
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