A lender requires the down payment to secure THEIR part of giving you the loan, so if you were looking to buy the 75% value of the home, they're still going to want that security.
Buying from siblings can be a complicated affair - emotions can get in the way and turn south quickly. You also want to be sure everything is done with the a lot of attention to the legalities of such a purchase.
For instance, you would not qualify for any sort of tax credit (your 25% ownership precludes you, as does your relationship to the sellers). These are things you would want to discuss with a lender and your Realtor (r) or a qualified real estate attorney.
There are also issues of title that should be looked at - can anyone make claim to any of your siblings 25%.
If you're a vet, there is the potential for no downpayment (although there are other fees) and FHA loan would require a minimum 3.5% down payment.
Whatever you do, make sure the buyout agreement is ironclad and speak with a local lender about the potential purchase - if you need one, any of the agents here could recommend several. I would also suggest a title search prior to buying it to ve sure no one outside of your siblings can lay claim to the property - even a minor stake could make the purchase more difficult.
Hope that helps!
Matt Stigliano, Realtor (r)
If you 4 jointly own this home free and clear, then you could help your sibs to sell the note which will cash them out with a lump sum payment. If otherwise, then you could let the seller note season for at least 12-24 months, and refinance to cash out your sibs. Your sibs would receive more money from the latter option, but they'll receive it later. Whereas they'd receive their money at closing from the prior option, but they'll receive less.
first preferred mortgage- southfield, michigan...