In a purchase-money mortgage, where does the buyer seek additional financing?

In a purchase-money mortgage, the buyer typically seeks additional financing from both the seller and a lender. This arrangement allows the buyer to secure the necessary funds to complete the purchase of the property.

The seller often agrees to a purchase-money mortgage to help facilitate the sale, providing financing for a portion of the purchase price, which benefits both the seller, who may receive a steady stream of income from the mortgage payments, and the buyer, who may be able to negotiate more favorable terms. In conjunction with the seller's financing, the buyer may also seek traditional financing from a lender or bank to cover the remaining balance, thereby combining resources from different sources to complete the purchase.

This dual approach makes it easier for buyers to enhance their chances of obtaining the full financing needed to purchase a home, especially if they have limited resources or credit options.