Why not just keep the $18,000 and do a 100% VA Loan?
I'm assuming he's a Marine being there so close to Camp Lejeune?
I was just up there in Jax. a few weeks back for my Lt. from 1988 3/6 comm Plt. 2nd Mar Div. who was now a full bird Col. to attended his retirement ceremony .
Boy, Jax. has grown quite a bit, but the base still looks the same except for the new PX. There was a guy in my Plt. from Goldsboro that I used to drop off when I would swoop to Asheville on weekends.
ANYWAY...A qualified buyer can purchase up to approx. $429,800 sales price with $18,000 with NO PMI with great terms!
see loan programs at: http://www.pro-option.com
Pro Option Mortgage/ Florida
Ph: 888 662 4404
Prior Service U.S. Marine Corps