Finance
A purchase-money mortgage is:
AA mortgage taken out before purchasing a property
BSeller financing where the seller acts as the lender✓ Correct
CA government-backed loan for first-time buyers
DA loan used exclusively for investment properties
Explanation
A purchase-money mortgage is seller financing where the seller extends credit to the buyer, typically shown as a note secured by a deed of trust. It is used when the buyer cannot obtain traditional bank financing.
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