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Tom is buying a home from Timmy. The selling price is $190,000. Tom is putting $30,000 down, assuming Timmys $110,000 loan, and Timmy is carrying

Tom is buying a home from Timmy. The selling price is $190,000. Tom is putting $30,000 down, assuming Timmys $110,000 loan, and Timmy is carrying Tom for the remaining $50,000. Which term best describes this financing arrangement?

1: New financing

2:A second mortgage

3: A refinancing

4: An assumption with a purchase money mortgage

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