Finance
In Virginia, a purchase money mortgage is one where:
AThe lender is a bank or savings institution
BThe seller finances part of the purchase price✓ Correct
CThe buyer obtains a second mortgage
DThe funds are used to buy personal property
Explanation
A purchase money mortgage (or deed of trust) is seller financing where the seller accepts a note secured by the property in lieu of all or part of the cash purchase price.
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