Double closing w/ middleman

Hello Everyone,
This is my first post and very very new to these creative REI things,
so if it’s not worded well please excuse.

I’m trying to buy my own home.
I can’t get mortgage becaue I don’t have enough for downpayment and have a problem with “stated income” issue.

So I looked into these ideas/techniques called double closing with middleman & Lease option.

I prefer the idea of double closing w/middleman.

It sounded basically the middleman sells me the home with percentage of owner carry right after buying from the original owner.

As long as I can find a home at 20% below the appraised value it looks a good way for me to buy a home for me.

(Actually one more condition should be met which is I have to have a trustful middleman)

The question to you experienced REI people is,

First,is this legal? (I’m in California)

Second,can I get a mortgage in current market with 20% owner carry thus lenders put up only 80% of either appraised value or purchase price?

Thanks for your tips and helps in advance.

If you happend to read again because I posted this at another section,my apology.
I need the answers really bad

The key to the deal will be the lender that providing the 80% funding. If the lender is willing to lend the 80% to you and allow the seller to do the 20% seller financing you shouldn’t have a hard time finding a seller.

To find one, simply do some networking at your local real estate investing association.

Now if by the term ‘third party’ you mean someone with an option in the property that will front you the 20% for downpayment, which is to be refunded to him from the seller after the closing, you might have an issue. Contact an attorney to see if that is legal, I’m not sure.