About Donald Robert Arace

Providing 25 Years of Experience in Home Financing
Donald Robert Arace is an experienced, efficient and courteous loan professional that works hard to provide all clients with the best home loan options to ensure their loan is closed smoothly and on time.
Donald has prior experience as Vice President of Originations for Columbia Home Loans, a subsidiary of Ocean First Bank, a federally chartered institution from November 1986 to June 2007; Manager of Indymac in White Plains, NY; and Prospect Lending. He brings years of valuable experience to each transaction, giving his clients peace of mind that they are in good hands when it comes to their mortgage financing.
He is a leading guest speaker and teacher for real estate association functions and client seminars on varied mortgage products and programs available in the market place. First-time homebuyer programs, FHA 203(k) renovation loans and private mortgage lending options for high-net-worth individuals are just some of the topics he has covered.
Donald’s deep-dive discussions with homebuyers helps them choose the proper mortgage program for their unique situation. The seminars also help the borrower understand the mortgage process, and address common concerns such as interest rates and closing costs. The goal is to prepare borrowers for the application, while setting the proper expectations about the loan process, which ultimately helps bring about a quick and efficient closing that satisfies everyone.
With Donald Robert Arace, you’ll receive:

  • Replace with: The strength of a leader in home mortgages, which is the company’s sole focus.
  • The peace of mind that comes from working with a lender that has the expertise and technology to find the ideal loan program for your unique needs.
  • Our commitment to the highest level of customer service.

Feel free to contact Donald anytime by phone or email for personalized service and advice. Faith will extend the same professional service to your friends, family members, work colleagues or neighbors who need help with home financing.

Contact Donald Robert Arace Anytime

Feel free to contact Donald anytime by phone or email for personalized service and expert advice. Donald Robert Arace will extend the same professional service to your friends, family members, work colleagues or neighbors who need help.

Donald Robert Arace is 203(k) Renovation Lending Certified

Donald is certified in 203(k) Renovation Lending, a program particularly well suited for buyers of fixer-uppers and REOs in need of repair. Homebuyers can finance both the purchase and future repairs on their new home with one loan.

The Renovation Loan offers some great features. The amount of money you are permitted to borrow for the purchase and renovations is based on the increased value of your home after improvements are made1. Also, because renovation costs are spread throughout the entire term of the loan, monthly payments are often lower than other financing options. With the loan, there is also no need to delay improvements. You can start in immediately after closing. Another great feature is the loan's simplicity - one application, one set of fees and closing costs, one closing to attend and one payment each month. The interest on the cost of your improvements, included in your mortgage, may be tax deductible2 as well.

Donald Robert Arace values your business and will provide you with the best professional service and mortgage solutions that make most sense for you and your unique financial situation and real estate goals.

Please contact Donald by phone, email or filling out the pre-approval form on the right to get more information about our Renovation Loan, or any other mortgage financing solution. I look forward to working with you!

1For 203k purchase transactions the maximum loan amount is the lesser of the sales price + renovation costs or 110% of the as-completed value, times the maximum loan-to-value. For refinance transactions the maximum loan amount is the lesser of the property value before renovation + renovation costs or 110% of the as-completed value, times the maximum loan-to-value. Loan amount must be within FHA county loan limits.

For HomeStyle® purchase transactions the maximum loan amount is based on the lesser of the sales price + renovation costs or 100% of the as-completed value, times the maximum loan-to-value allowable. For refinance transactions the maximum loan amount is based on the lesser of 1) 100% of the as-completed value times the maximum loan-to-value or 2) the balance on the existing loan plus the renovation cost plus the settlement costs. The maximum repair amount is limited to 50% of the as-completed value. HomeStyle® is a registered trademark of Fannie Mae.

2Please consult a tax advisor for further information regarding the deductibility of interest and charges.

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