Closing Costs Loan

We know how important home is to Coast Guard members who must find a new one so frequently. You've worked hard to find and qualify for a house. Now CGMA can help with the final piece: closing costs.

hands shaking with tiny home on the table

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.

How to Apply

Gather these documents:

Your Coast Guard ID
CGMA-50 Closing Cost Loan Application
CGMA-15 Personal Budget
Command Endorsement
End of Enlistment/Obligation to Coast Guard
Closing Disclosure standard form with “final version” noted at the top (Closing Disclosure Example)

Contact your CGMA Representative to start the process.

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