purchase money mortgage financial definition of purchase money mortgage. purchase money mortgage finance term by the Free Online Dictionary.

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.

purchase money mortgage

(1) A mortgage loan used to purchase real estate. It may be seller-financing, institutional lender financing, or any other type,as long as the loan proceeds were used to purchase the property. Some states prohibit lenders from suing borrowers on purchase money mortgages if a foreclosure sale does not result in enough money to pay the debt in full. (2) Sometimes used to refer to a purchase money security interest in personal property.Personal property security interests are sometimes called chattel mortgages, hence the expression purchase money mortgage. (3) In bankruptcy, the debtor may not keep normally exempt assets without paying the creditor if the creditor has a purchase money security interest.

Mentioned in	?		References in periodicals archive	?		Financial browser	?		Full browser	?
antideficiency legislation Publication 785 Purchase-Money Mortgage vendor's lien	The borrower had recently closed on the $18 million purchase with a purchase money mortgage, and now had the opportunity to refinance the PMM at a substantial discount, but only if the deal could be completed by year end. W Financial braced for busy year by Real Estate Weekly The lack of institutions extending real-estate financing has prompted the use of purchase money mortgages, better known as "seller financing. Frozen credit provides opportunities in commercial real estate by Weiss, Michael J. / Financial Executive to consider a Purchase Money Mortgage when selling your home So what is a Purchase Money Mortgage I received so much feedback on The Creative Cure For Selling Your Home article that I decided to follow it up with a ? Why You Should Consider Owner Financing when Selling Your Home by Joe Manausa / Real estate industry community	Punter Punto Punto basico Punto de equilibrio Punto de inflexion Punto de referencia Punto di equilibrio Punto di riferimento Pup Company pur autre vie Purchase Purchase Accounting Purchase Acquisition purchase agreement Purchase and Resale Agreement Purchase and Sale purchase and sales department purchase contract Purchase Fee Purchase Frequency Purchase from Foreign Seller Purchase Fund Purchase Group Purchase Loan Purchase Method purchase money mortgage purchase option Purchase Order purchase price Purchase Tax Purchase-Money Mortgage Purchasing Manager Purchasing Managers Index Purchasing Managers' Index Purchasing Power Purchasing Power of the Dollar Purchasing Power Parity purchasing power risk pure debt Pure discount bond Pure Expectations Theory Pure Food and Drug Act Pure Index Fund Pure Monopoly pure notice statute Pure Play pure race statute Pure Risk Pure Yield Pickup Swap Purpose Credit Purpose Loan	purchase from Purchase from a Foreign Seller Purchase from Foreign Seller Purchase fund Purchase Funds Purchase Gas Variance Account Purchase group Purchase group Purchase group Purchase group Purchase Groups Purchase Groups Purchase Groups Purchase Groups Purchase Information Record Purchase Invoice Matching Purchase Journal Purchase justification reflex Purchase ledger Purchase Ledger Control Account Purchase Line Of Credit Purchase Line School District Purchase loan Purchase Loans Purchase Me from Owner, Inc. Purchase Memorandum Purchase method Purchase Methods Purchase money Purchase money purchase money mortgage Purchase Money Mortgages Purchase More Shoes purchase notice agreements Purchase of Alaska Purchase of Development Rights Purchase Of Telephones & Services purchase on time purchase on trust purchase option purchase order purchase order purchase order purchase order Purchase Order Acknowledgement Purchase Order Approval Form Purchase Order Authorization Purchase Order Business Unit Purchase Order Change Purchase Order Change Notice Purchase Order Entry and Tracking System Purchase Order Financing Purchase Order Generator Purchase Order Index Purchase Order Invoice Purchase Order Management Purchase Order Number Purchase Order Outbound

Mentioned in

References in periodicals archive

Financial browser

Full browser

antideficiency legislation
Publication 785
Purchase-Money Mortgage
vendor's lien

The borrower had recently closed on the $18 million purchase with a purchase money mortgage, and now had the opportunity to refinance the PMM at a substantial discount, but only if the deal could be completed by year end.

W Financial braced for busy year by Real Estate Weekly

The lack of institutions extending real-estate financing has prompted the use of purchase money mortgages, better known as "seller financing.

Frozen credit provides opportunities in commercial real estate by Weiss, Michael J. / Financial Executive

to consider a Purchase Money Mortgage when selling your home So what is a Purchase Money Mortgage I received so much feedback on The Creative Cure For Selling Your Home article that I decided to follow it up with a ?

Why You Should Consider Owner Financing when Selling Your Home by Joe Manausa / Real estate industry community