Save the Chesapeake Bay Homeowner Act of 2011 - Amends the Federal Water Pollution Control Act (commonly known as the Clean Water Act) to direct the Administrator of the Environmental Protection Agency (EPA) to: (1) develop and implement the Save the Chesapeake Bay Home program, which shall designate property owners in the Chesapeake Bay watershed as program participants if such owners perform a specified number of actions on a list of actions developed by the Administrator to reduce nutrient and sediment runoff into the Bay, and (2) determine an appropriate amount of credit for compliance with total maximum daily load requirements to award to a state based on the number of property owners in the state who have been designated as program participants.