Finance
What is a purchase money mortgage (PMM) in Hawaii?
AA. A mortgage where the buyer borrows from a commercial bank only
BB. Seller financing where the seller takes back a mortgage note from the buyer✓ Correct
CC. A mortgage insured by the Federal Housing Administration
DD. A second mortgage used to eliminate PMI
Explanation
A purchase money mortgage is seller financing where the seller acts as the lender, accepting a promissory note secured by a mortgage rather than receiving the full cash purchase price.
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