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Jim and Jane are buying a home for $120,000. They have $20,000 for a down payment and assumed the sellers mortgage of $75,000. Jim and
Jim and Jane are buying a home for $120,000. They have $20,000 for a down payment and assumed the sellers mortgage of $75,000. Jim and Jane financed the remaining $25,000 through the seller. What kind of a mortgage do they have?
Buydown loan
Balloon note
Purchase-money mortgage
Wraparound loan
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American Public School Finance
Authors: William Owings, Leslie Kaplan
2nd Edition
1111838046, 978-1111838041
