Purchase-money mortgage

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Purchase-money mortgage

A mortgage given by a buyer in lieu of cash when the buyer is unable to borrow commercially for the purchase of property.

Purchase-Money Mortgage

A mortgage in which the home buyer borrows from the seller instead of, or in addition to, a bank or thrift. Purchase-money mortgages usually are made when the buyer cannot qualify for an ordinary home loan due to lack of credit or income. Alternately, a seller may offer a purchase-money mortgage in a mortgage-takeover agreement, that is, when the sale price of the home is equal to what remains on the seller's own mortgage.
References in periodicals archive ?
The Mortgage Bankers Association reported that applications for purchase-money mortgages rose 7% for the week ending Jan.
Demand for purchase-money mortgages appears to be rising.
The only distinction you need to pay attention to at this point is the distinction between purchase-money mortgages and the other non-purchase forms of mortgage lending, such as refinance, reverse mortgages and loan modifications.
If a large majority of your business is purchase-money mortgages, dig deep and analyze the source of your past business.
The number of defaults in the limited sample of subprime purchase-money mortgages within two years of origination is almost equal to the number of first-time homebuyers who took a subprime mortgage.
Demyanyk and Van Hemert (2008) observed that cash-out refinances between 2001 and 2007 tended to default less frequently than even purchase-money mortgages.
The results in this paper also suggest that subprime lending did not increase homeownership: The number of defaults in a limited sample (about 50 percent) of subprime purchase-money mortgages within two years of origination is almost equal to the estimated number of first-time homebuyers who took subprime mortgages.
Gibbons, President and CEO of Salem Five, recently announced the launch of a new online Instant Pre-Approval application for consumers seeking purchase-money mortgages and refinancing.
Demand for purchase-money mortgages will be quieted by the level and mix of unemployment.
com to increase its vast offering of purchase-money mortgages to home builders, Realtors(R) and financial planners.
65 trillion, with purchase-money mortgages reaching an all-time record of $900 billion.
com's funded loan volume in the second quarter was related to purchase-money mortgages.

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