Finance
In Michigan, a purchase money mortgage is one where:
AThe buyer gives the mortgage to a bank
BThe seller takes back a mortgage as part of the purchase price financing✓ Correct
CThe mortgage is used to purchase investment property only
DThe government guarantees repayment
Explanation
A purchase money mortgage is given by the buyer to the seller as part or all of the purchase price. It is also called seller financing or a seller carryback mortgage.
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