Finance
In South Carolina, what is a 'purchase money first mortgage'?
AThe first mortgage taken out on a newly purchased property to help finance the purchase✓ Correct
BA second mortgage used to cover the down payment
CA government-backed first mortgage
DThe seller's existing mortgage on the property
Explanation
A purchase money mortgage is financing obtained specifically to purchase a property. A purchase money first mortgage is the primary loan used to acquire real estate, as opposed to refinancing or equity loans taken out after purchase.
Related South Carolina Finance Questions
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