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Check Your Understanding-Answers

  1. Define a purchase money mortgage. 
    • With a purchase money mortgage, the buyer borrows from the seller in addition to the lender. This is sometimes done when a buyer cannot qualify for a bank loan for the full amount; so the seller "takes back" a portion of the purchase price as a second mortgage. A purchase money mortgage can also be a first mortgage.
  2. What's the difference between a lease purchase and a lease option? 
    • In a lease purchase arrangement, a tenant enters into two agreements simultaneously - an agreement to purchase and a lease. 
    • A lease option is a clause in a lease that gives the tenant the right to purchase the property under specific conditions -usually at a predetermined price and within a set period of time.
  3. Greg and Joyce purchased a home from the builder who offered to pay $5,000 at closing as an incentive to get them to buy. What kind of mortgage might they get? 
    • A buydown mortgage.
  4. What are grant programs typically used for? 
    • Down payment assistance. 
    •  
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