COVID-19 Message

Lutheran Association for Church Extension (LACE) is closely monitoring the outbreak of Coronavirus (COVID-19) and has prepared to continue our operations even while practicing the restrictions placed on us by this devastating disease. These past days have seen unprecedented financial distress and growing concerns. While uncertainty abounds with each day, we remain in a strong financial-capital position. LACE has operated for over 50 years while having endured many events and obstacles. By God’s grace, we have grown and have remained faithful and strong.

LACE will be able to continue operations (including transactions) through any potential disruption or quarantine. The only delays we could possibly anticipate would be in monetary transactions based on availability of service with our bank (Fifth Third) and of course the US Postal Service. Our office is currently closed for personal service but our staff is available by email, for Jessica (LACE secretary); This email address is being protected from spambots. You need JavaScript enabled to view it. , for Lois (LACE accountant); This email address is being protected from spambots. You need JavaScript enabled to view it. , for Don (Our CEO and president) This email address is being protected from spambots. You need JavaScript enabled to view it. , or by leaving a message on our phone service at (989) 781-1600. If you prefer to use the postal service, our address P.O. Box 6402, Saginaw, MI 48608.

We love our Church and we love our churches and church organizations, which is why LACE has instituted a procedure of postponing the loan payments of our churches and church organization clients.

If you find yourself in this predicament of short falls of cash flows due to the Covid-19 virus please:

  1. Write or email us of your situation so then we can stop any ACH auto-payments that are set up and document in the file the reason for this action.

We will then postpone your loan payment date in our system. When we are all out of this crisis your payment interest that has accrued will be capitalized into the current balance of the loan, you can then continue to make the payments as agreed.

We are here to help you return your focus to serving the people in your community and sharing the Gospel of Jesus Christ as quickly as possible.


LACE Mortgage Qualification Worksheet





LACE Mortgage Qualification Worksheet

Income Annual Income Monthly Income
First Qualifying Number
x 0.30 =
÷ 12 =
Second Qualifying Number
x 0.40 =
÷ 12 =

The first qualifying number (Top) calculates your maximum monthly payment, assuming you have no long-term debt. It is computed by multiplying your total income by your Annual Operating cost ratio and dividing the result by 12. The second qualifying number takes into account your monthly debt payments, applying your total debt service ratio. LACE will qualify you for monthly payments that are no higher than the lesser of the two results. By default, this worksheet assumes an annual operating cost ratio of 30% and a total debt service ratio of 40%. If different ratios apply in your case you may change the ratio values in the “Qualifying Ratio Adjustments and Payment Qualification Section”. We use .30 and .40 respectively from historic averages from our experience with other LACE loan customers.
Annual Contributions:
Other Contributions:
Investment Income:
Additional Income:
Total Income:
Current Monthly Loan Debts Monthly Debt Annual Debt
Current Mortgage Payment:
Other loan payment:
Total Debts:
Qualifying Ratio Adjustments and Payment Qualification
Annual Operating cost ratio:
Total debt service ratio:
You may qualify for monthly payments of:
Loan Amount
The table below calculates the amount of a loan you might qualify for with the monthly payment shown above. Your monthly payment will include principal and interest payments. Note this calculation does not factor in the discount of interest cost generated by the "Designated Certificate Program".
Total monthly payment allowed:
Annual interest rate (e.g., 7.125):
Duration of loan (in years):
Monthly principal + interest payment:
Maximum loan amount:

Saturday, January 23, 2021