Finance
Which of the following best describes a purchase money mortgage in Mississippi?
AA mortgage provided by a bank secured by a lien on the property
BSeller financing where the seller holds a mortgage and the buyer makes payments to the seller✓ Correct
CA government-backed loan for first-time buyers
DA line of credit secured by equity in an existing home
Explanation
A purchase money mortgage is seller financing: the seller accepts a note and mortgage (or deed of trust) from the buyer instead of cash, allowing the buyer to finance part or all of the purchase price directly through the seller.
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