Finance Your Manufactured Home with First Shore Federal
First Shore Federal provides flexible lending solutions for your dream home here at Salt Life Community.
Dreaming of owning an affordable home near the beach in Ocean City? Salt Life Community partners with First Shore Federal to make your dream a reality with flexible financing options on manufactured homes. Whether you're looking for a seasonal retreat or year-round coastal living, First Shore Federal will work with you for the right loan to meet your specific needs. First Shore Federal has worked with Salt Life Community residents for many years and specializes in manufactured home loans on Delmarva. Discover seamless solutions for purchasing your manufactured home here at Salt Life Community and start living the beach life you've always imagined.
Contact Randy Merritt or Sue Vincent from First Shore Federal today!
Randy Merritt
Assistant Vice President & Manufactured Home Loan Manager
rmerritt@firstshorefederal.com
302-934-1239
NMLS #1867245
Sue Vincent
svincent@firstshorefederal.com
410-641-0350
Branch Manager-Berlin
NMLS #1424190
Lower Your Payments in the First Years of Ownership
Buying a home is a big step. This program is designed to make the first few years easier, so you can settle in comfortably without feeling stretched.
How It Works
The interest rate is reduced from your "note rate" (the permanent locked rate) in steps:
- Year 1: Your interest rate is 2% lower than the note rate.
- Year 2: Your interest rate is 1% lower than the note rate.
- Year 3+: Your interest rate returns to the full note rate for the remainder of the loan term.
As of February 25, 2026, with average 30-year fixed rates near 6.04%, a 2-1 buydown could result in an effective rate of 4.04% in the first year and 5.04% in the second.
Who Pays For It?
To achieve these lower rates, an upfront lump sum—equal to the total interest savings over the two years—must be deposited into an escrow account at closing.
Sellers & Builders
Most commonly paid by the seller or home builder as an incentive to attract buyers without lowering the home's sale price.
Buyers
You can pay for it yourself, though this is less common since the upfront cost is significant.
Lenders
Some lenders offer promotional credits to fund the buydown.
Key Considerations
- Qualification: Lenders typically require you to qualify for the loan at the full note rate, not the initial discounted rates.
- Payment Shock: You must be prepared for the scheduled payment increases in years two and three.
- Refinancing: If interest rates drop during the buydown period, you can often refinance. Any remaining funds in the buydown escrow account are usually applied to your principal balance.
Schedule a Tour or Ask a Question
Whether you are just starting to explore your options or already thinking about making a move, we are here to make the process feel simple and comfortable.
Reaching out does not mean you are committing to anything. It simply gives you the opportunity to ask questions, understand what is available, and get a clearer picture of what life at Salt Life could look like for you. Our team will walk you through available homes, pricing, and what to expect so you can move forward at a pace that feels right.
From your first conversation to your visit and beyond, everything is handled in a straightforward and respectful way. No pressure. No confusion. Just the information you need to feel confident in your next step.