Purchase Money Loans Compared to Other Loans

A purchase money loan is the loan used when buying a home, where the bank provides the funds specifically for the purchase of that property. A non purchase money loan is taken out later using the home as collateral for other needs like paying credit card debt, buying a car, or funding a boat. In California, only purchase money loans tied to the home purchase are generally protected under anti deficiency statutes, while non purchase money loans do not receive the same protection.

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