Finance
A 'purchase money mortgage' is best described as:
AA mortgage from a commercial bank
BSeller financing where the seller takes back a note instead of full cash at closing✓ Correct
CA mortgage used to buy investment property
DA government-backed loan program
Explanation
A purchase money mortgage is seller financing where the seller accepts a promissory note secured by a deed of trust (or mortgage) instead of receiving all cash at closing. It is a common creative financing tool.
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