Closing Costs Loan
We understand how challenging it can be for Coast Guard members to frequently relocate and find a new home. After all the hard work of securing and qualifying for a house, CGMA is here to assist with the final step: covering closing costs. Our interest-free Closing Costs Loan helps alleviate the financial burden of this crucial expense, so you can focus on settling into your new home with peace of mind.
Amount
Up to $9,000
Type of Assistance
Interest-Free Loan
Eligibility
Active Duty
Auxiliary
Civilian Employees
PHS Officers and Chaplains
Reserves
Retired Military Personnel
Surviving Spouses
Start with Your CGMA Rep
Start with your local CGMA Representative
There are more than 600 Coast Guard Mutual Assistance Representatives to help you.
FIND MY REPRESENTATIVEHow to Apply
Gather these documents:
- Your Coast Guard ID
- CGMA-15 Personal Budget
- Closing Disclosure standard form with “final version” noted at the top (Closing Disclosure Example)
Apply directly online:
What's Covered?
- This loan is available when buying, selling, or refinancing a primary residence.
- CGMA also helps with the purchase of alternate living sites, like a mobile home, if that site will serve as the primary residence.
- The client must be able to qualify for the purchase of the home without CGMA funds.
- The closing date must be set. Funds can’t be disbursed more than 30 days before closing.
- Loan repayment can extend up to 60 months, but does not pass the end of enlistment/obligation date.
What's Not Covered?
- Earnest funds
- Down payments
- Escrow costs
- Investment property
- Recreational vehicles
- Purchase of land without dwelling
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