Finance
In Mississippi, a 'purchase money mortgage' (PMM) differs from a conventional mortgage primarily in that:
AA PMM is provided by the federal government
BThe seller acts as the lender, providing financing directly to the buyer as part of the purchase transaction✓ Correct
CA PMM requires a larger down payment
DA PMM carries a fixed interest rate required by law
Explanation
A purchase money mortgage (or seller financing/owner financing) occurs when the seller acts as the lender — the buyer makes payments directly to the seller rather than to a bank. The seller provides credit to the buyer as part of the sale transaction.
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