ShoreStart Affordable Mortgage Program

First time home buyers are eligible for this program.

A first-time home buyer as defined by HUD HOC- Ch3 is an individual who meets the following criteria:

• An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if meets the above test, they are considered first-time homebuyers).
• A single parent who has only owned with a former spouse while married.
• An individual who is a displaced homemaker and has only owned with a spouse.
• An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
• An individual who has only owned a property that was not in compliance with state, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure.

Yes, the guidelines require the borrowers have income equal to or less than 80% of the area median income, which is determined by county.  For information on income limits by state and county, visit the FHLBank Atlanta- AHP Income Limits Calculator.

Borrowers can qualify for 3% of the loan amount up to a maximum of $5,000.

Funds can be used for down payment, closing costs, and principal reductions for a purchase or purchase/renovation of a home. 

Property eligibility includes owner occupied 1-4 family, townhomes, and approved condominiums.

Yes, all borrowers must receive counseling prior to closing.  Verification of completed counseling will occur prior to closing, and the cost to participate will be credited back to you at settlement.   

Yes, clients may select from one of the two approved counseling services listed below:

Money Management International 866-889-9347

Credit.Org 1-800-431-8157

Yes, the funds from the ShoreStart program can be combined with other assistance programs if the borrower meets the minimum contribution requirements and the program guidelines.

Funds from the ShoreStart program may be used on any loan product if the client meets the minimum requirements and guidelines of the ShoreStart program as well as that loan product.

Funds from the ShoreStart program are eligible in the banks assessment areas, which include the following counties:

Maryland Counties Anne Arundel, Baltimore, Baltimore City, Calvert, Caroline, Carroll, Charles, Dorchester, Harford, Howard, Kent, Queen Anne’s, St. Mary’s, Talbot, and Worcester

Delaware Counties Kent and Sussex

Virginia Counties Accomack, Fredericksburg City, and Spotsylvania

There are no monthly payments, however, there is a 5-year retention period during which the funds are forgiven (or 20% annually).  If the borrower refinances or sells the property prior to the 5-year period or 20% annually, you may be required to repay all or a portion of the funds.

The borrower can receive a maximum of $250 back at settlement. 

Yes, the borrower must contribute at least $1,000 towards the transaction.