UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  FORM 10-KSB/A
                                (Amendment No. 1)


[X]  Annual Report Under Section 13 or 15(d) of the  Securities  Exchange Act of
     1934 For the Fiscal Year Ended December 31, 2007

         or

[ ]  Transition  Report Under Section 13 or  15(d) of  the  Securities  Exchange
     Act of 1934 For the Transition Period from __________ to __________.


                        Commission File Number 000-25919

                        American Church Mortgage Company

              Incorporated Under the Laws of the State of Minnesota
                       I.R.S. Employer Identification No.
                                   41-1793975

                            10237 Yellow Circle Drive
                              Minnetonka, MN 55343
                            Telephone: (952) 945-9455

Securities registered under Section 12(b) of the Exchange Act: None

Securities registered under Section 12(g) of the Exchange Act: Common Stock $.01
par value

Check whether the issuer is not required to file reports  pursuant to Section 13
or 15(d) of the Exchange Act. Yes [ ] No [X]

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Check if there is no disclosure of delinquent  filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure  will be contained,  to
the  best  of  registrant's   knowledge,  in  definitive  proxy  or  information
statements incorporated by reference in Part III of this From 10-KSB or any
amendment to this Form 10-KSB [X]

Indicate by check mark whether the  registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

              Revenues for its most recent fiscal year: $3,947,690

State the aggregate market value of the voting and non-voting common equity held
by non-affiliates  computed by reference to the price at which the common equity
was sold,  or the average bid and asked  price of such  common  equity,  as of a
specified date within the past 60 days: Not applicable.

The number of shares  outstanding  of the issuer's  common stock as of April 29,
2008 was:

                  2,493,595 Shares of Common Stock Outstanding

                      DOCUMENTS INCORPORATED BY REFERENCE:

                                      None

    Transitional Small Business Disclosure Format (Check one): Yes [ ] No [X]
 ------------------------------------------------------------------------------



<PAGE>



                                Explanatory Note



     This Annual Report on Form 10-KSB/A is being filed to amend Part III, Items
9 through 14 of our  Annual  Report on Form  10-KSB  for the  fiscal  year ended
December 31, 2007,  which was filed with the Securities and Exchange  Commission
(the "SEC") on March 28, 2008, to include  information  previously  omitted from
that filing in reliance on General Instruction E to Form 10-KSB,  which provides
that  registrants  may  incorporate  by  reference  certain  information  from a
definitive  proxy  statement filed with the SEC within 120 days after the end of
the fiscal year.  The reference on the cover of the Annual Report on Form 10-KSB
to the incorporation by reference of the registrant's definitive proxy statement
into Part III of the Annual Report is hereby deleted.

     Except as  stated  herein,  this  Form  10-KSB/A  does not  reflect  events
occurring  after the filing of the Form  10-KSB on March 28, 2008 and no attempt
has been made in this Annual  Report on Form  10-KSB/A to modify or update other
disclosures as presented in the Form 10-KSB filed March 28, 2008.


<PAGE>



                        AMERICAN CHURCH MORTGAGE COMPANY
                                  FORM 10-KSB/A


<TABLE>
<CAPTION>

                                      INDEX
                                                                                                                   Page
                                                                                                                    No.

                                    PART III

<S>           <C>
Item 9.       Directors, Executive Officers, Promoters, Control Persons,
              and Corporate Governance; Compliance With Section 16 (a)
              of the Exchange Act...................................................................................4

Item 10.      Executive Compensation................................................................................4

Item 11.      Security Ownership of Certain Beneficial Owners and
              Management and Related Stockholder Matters............................................................5

Item 12.      Certain Relationships and Related Transactions, and Director Independence.............................5

Item 13.      Exhibits..............................................................................................9

Item 14.      Principal Accountant Fees and Services................................................................9
</TABLE>



<PAGE>


                                    PART III

Item 9.  Directors, Executive Officers, Promoters and Control Persons;
                  Compliance With Section 16(a) of the Exchange Act.


Composition of the Board of Directors


     Pursuant  to our  Bylaws,  the Board  has  fixed at five (5) the  number of
directors,  each who  serves a one year term  until the next  annual  meeting of
shareholders and until their successors are elected and qualified. The following
table sets forth certain information regarding the current Board of Directors.


<TABLE>
<CAPTION>

===================================    =============    ========================================================
Name                                       Age                                Position(s)
-----------------------------------    -------------    --------------------------------------------------------
<S>                                    <C>              <C>
Philip J. Myers                        52               Chairman, President, Treasurer, Secretary
-----------------------------------    -------------    --------------------------------------------------------
Kirbyjon H. Caldwell                   54               Director
-----------------------------------    -------------    --------------------------------------------------------
Robert O. Naegele, Jr.                 68               Director
-----------------------------------    -------------    --------------------------------------------------------
Dennis J. Doyle                        55               Director
-----------------------------------    -------------    --------------------------------------------------------
Michael H. Holmquist                   58               Director
-----------------------------------    -------------    --------------------------------------------------------
</TABLE>

     Philip J. Myers Mr. Myers has been our  President,  Treasurer and Secretary
since April 2001 and a director of the Company  since  October 2001. He has also
served as  President,  Treasurer,  shareholder  and a director  of our  Advisor,
Church Loan Advisors, Inc. since 1994, President,  Secretary,  and a director of
American   Investors  Group,  Inc.,  an  underwriter  of  our  prior  securities
offerings,  since 1996, and of its parent company,  Apostle Holdings Corp. since
2000. Mr. Myers has been an officer of American  Investors  Group,  Inc. and has
engaged  directly in church mortgage  lending since 1989. He earned his bachelor
of arts degree in  political  science in 1977 from the State  University  of New
York at Binghamton and his juris doctor degree from the State  University of New
York at Buffalo School of Law in 1980. From 1980 to 1982, Mr. Myers served as an
attorney  in the  Division  of  Market  Regulation  of the U.S.  Securities  and
Exchange  Commission in Washington,  D.C. and, from 1982 to 1984, as an attorney
with the Division of Enforcement  of the  Securities and Exchange  Commission in
San Francisco.  From August 1984 to January 1986, he was employed as an attorney
with  the San  Francisco  law  firm of  Wilson,  Ryan  and  Compilongo  where he
specialized in corporate  finance,  securities and broker-dealer  matters.  From
January 1986 to January  1989,  Mr. Myers was Senior Vice  President and General
Counsel of Financial Planners Equity Corporation, a 400 broker securities dealer
formerly located in Marin County, California. He became affiliated with American
Investors  Group,  Inc.  in 1989.  He is an  inactive  member  of the New  York,
California  and  Minnesota  State Bar  Associations.  Mr.  Myers  holds  General
Securities  Representative  and General  Securities  Principal licenses with the
National Association of Securities Dealers, Inc.

     Kirbyjon H. Caldwell Mr. Caldwell has served as an independent  director of
the Company  since 1994.  He has been Senior  Pastor of Windsor  Village  United
Methodist Church in Houston, Texas since January 1982. The membership of Windsor
Village is  approximately  14,400.  Mr.  Caldwell  received  his B.A.  degree in
Economics from Carlton College (1975),  an M.B.A. in Finance from the University
of  Pennsylvania's  Wharton  School  (1977),  and his Masters in  Theology  from
Southern  Methodist  University School of Theology (1981). He is a member of the
Boards of Directors of Continental  Airlines,  National Children's Defense Fund,
Baylor College of Medicine,  Greater Houston Partnership,  Amergy Bank of Texas,
Reliant Energy, Bridgeway Capital Management and the American Cancer Society. He
is also the  founder  and  member of  several  foundations  and other  community
development organizations.

     Robert O. Naegele, Jr. Mr. Naegele has served as an independent director of
the  Company  since  1994.  Mr.  Naegele's   professional   background  includes
advertising,  real  estate  development  and  consumer  products  with a special
interest in entrepreneurial ventures and small developing companies. In 1997, he
led a group of investors to

                                       4

<PAGE>

apply for, and receive an NHL expansion  franchise,  the Minnesota  Wild,  which
began play in the Xcel Energy  Center in St. Paul,  Minnesota,  in October 2000.
Mr.  Naegele  is a member  of the NHL Board of  Governors  and  Chairman  of the
Minnesota Wild.

     Dennis J. Doyle Mr.  Doyle has  served as an  independent  director  of the
Company  since 1994.  He is the majority  shareholder  and  co-founder  of Welsh
Companies,  Inc.,  Minneapolis,  Minnesota,  a full-service  real estate company
involved in property management,  brokerage,  investment sales, construction and
commercial development. Welsh Companies was co-founded by Mr. Doyle in 1980, and
has over 350  employees.  Mr. Doyle is the  recipient  of numerous  civic awards
relating to his business  skills.  He also is a member of the board of directors
of Rottlund Homes and Hope For The City.

     Michael H. Holmquist Mr. Holmquist has served as an independent director of
the  Company  since  2003.  Mr.  Holmquist  is  a  Certified  Public  Accountant
practicing  from his  office in  Deephaven,  Minnesota.  Prior to  entering  the
accounting field in 1977, he worked for two years as a public school teacher and
served four years in the U.S. Coast Guard. He is a graduate of St. Olaf College.
Mr.  Holmquist was an original  incorporator of American  Investors Group and an
employee of the firm from 1986-1989. He participated in establishing that firm's
church bond  underwriting  department  and has  extensive  experience  in church
auditing.  Mr.  Holmquist  is a member  of the  American  Institute  of CPAs and
Central Lutheran Church.

How does the Board operate?

         During 2007, the Board of Directors had four meetings. The attendance
policy of the Board encourages and expects all board members to attend all Board
meetings. Last year, all Directors attended two or more of the meetings except
for Mr. Naegele.

     The Company encourages  attendance at the Annual Shareholder  Meeting,  but
has no policy  regarding  attendance.  One  director  attended  the 2007  Annual
Shareholder Meeting.

     The  Board  has  no   separately-designated   standing   audit   committee,
compensation committee,  nominating or executive committee. The Company's entire
Board  performs  the  functions  of an audit  committee,  but the  Board has not
designated  an "audit  committee  financial  expert." The Company  believes that
several of its independent  directors  qualify for such a designation,  but does
not believe the  designation of a specific  individual is necessary at this time
since the Company is managed by its Advisor.

     The Board does not have a nominating committee, but the process used by the
Board  members  and  management  of the  Company to identify  and  evaluate  the
qualifications  of  candidates  for  election to the Board is  described  in the
Company's  Definitive Proxy  Statement,  filed April 27, 2007, and no changes to
such process have occurred since the filing.

How are Executives and Directors compensated?

     Since inception, the Company has not had employees and the Company has only
one executive officer,  Philip J. Myers, who serves in several  capacities.  The
actions  and  decisions  of the  Company  and the  Advisor  are  governed by the
Company's  independent  directors and by the  Company's  Bylaws and the Advisory
Agreement.  Both of these  documents  substantially  comply  with the NASAA REIT
Guidelines,  which  include  substantive  limitations  on,  among other  things,
conflicts of interest and related party  transactions.  As such, the Company has
not adopted a Code of Ethics. Because the Company has no employees,  and because
Mr. Myers is not  compensated by the Company,  there is no Company  compensation
committee.  However,  we currently pay each  independent  director $500 for each
board meeting  attended  ($400 for telephonic  meetings),  limited to $2,500 per
year.  In  addition,  we reimburse  directors  for travel  expenses  incurred in
connection   with  their  duties  as  our   directors.   Please  see   "Director
Compensation" on page 6. As a non-independent director, Philip J. Myers receives
no compensation or reimbursements in connection with his service on our Board of
Directors.

                                       5

<PAGE>

Section 16(a) Compliance

     Section 16(a) of the Securities Exchange Act of 1934 requires our directors
and  executive  officers  and persons  who own more than 10% of our  outstanding
common  stock to file with the SEC  reports  of changes  in their  ownership  of
common stock.  Officers,  directors and greater than 10%  stockholders  are also
required to furnish us with copies of all forms they file under this regulation.
To our  knowledge  during the year ended  December 31, 2007,  all Section  16(a)
filing requirements  applicable to our officers,  directors and greater than 10%
stockholders were complied with.

Code of Ethics

     The  Company  has not  adopted a Code of  Business  Conduct and Ethics that
applies  to  all  directors,  officers  and  employees  of  the  Company.  Since
inception,  the Company has not had employees and the Company's  activities have
been  directed by the Advisor.  In addition,  the  Company's  and the  Advisor's
activities  have  been  governed  by  the  Company's  Bylaws  and  the  Advisory
Agreement.  Both of these  documents  substantially  comply  with the NASAA REIT
Guidelines  which  include  substantive  limitations  on,  among  other  things,
conflicts  of  interest  and  related  party  transactions.  There are no family
relationships among any of our directors or executive officers listed above.

Item 10.  Executive Compensation

     The  Company  pays  no  compensation  to its  officers  and  has  no  other
employees. The Company has no equity compensation,  outstanding equity awards or
pension plans. Additionally, the Company does not have severance, termination or
change in control  arrangements  or plans.  Because no compensation or equity or
other awards have been awarded to, earned by or paid to any executive officer of
the Company, the Company has not included any tables or charts or a Compensation
Discussion and Analysis  section  describing  executive  compensation.  However,
compensation paid to our directors is described below.

Director Compensation (1)
<TABLE>
<CAPTION>
=========================================================================================================================
      Name           Fees        Stock    Option        Non-Equity      Change in Pension     All Other        Total
                                                                            Value and
                                                                          Nonqualified
                    Earned                                                  Deferred
                    or Paid                           Incentive Plan      Compensation
                    in Cash      Awards     Awards     Compensation         Earnings         Compensation
                      ($)         ($)        ($)            ($)                ($)               ($)            ($)
-------------------------------------------------------------------------------------------------------------------------
<S>                   <C>         <C>        <C>            <C>                <C>              <C>            <C>
Kirbyjon H.
Caldwell              $1,200      n/a        n/a            n/a                n/a               n/a           $1,200
-------------------------------------------------------------------------------------------------------------------------
Dennis J.
Doyle                 $1,200      n/a        n/a            n/a                n/a               n/a           $1,200
-------------------------------------------------------------------------------------------------------------------------
Michael G.
Holmquist             $1,400      n/a        n/a            n/a                n/a             $15,199      $16,599(2)
-------------------------------------------------------------------------------------------------------------------------
Philip J.
Myers                 n/a         n/a        n/a            n/a                n/a               n/a            n/a
-------------------------------------------------------------------------------------------------------------------------
Robert O.
Naegele, Jr.          $800        n/a        n/a            n/a                n/a               n/a            $800
=========================================================================================================================
</TABLE>

                                       6


<PAGE>

(1)  All  Directors,  except  Philip J, Myers,  are paid $500 per board  meeting
     attended  ($400 for telephonic  meetings),  limited to $2,500 per year, and
     reimbursed for travel expenses  incurred in connection with their duties as
     directors.

(2)  Mr.  Holmquist was paid an additional  $15,199 during 2007 for auditing and
     testing the  Company's  internal  controls to  determine if the Company has
     established and is maintaining an adequate system of controls as defined by
     Section 404 of the Sarbanes-Oxley Act of 2002.

Item 11.  Security Ownership of Certain Beneficial Owners and Management

     The following  table sets forth as of April 29, 2008,  the number of shares
beneficially  owned by each director and by all executive officers and directors
as a group,  and the beneficial  owner of 5% or more of our  outstanding  stock,
based on  2,493,595  shares of common  stock  outstanding  at that date.  Unless
otherwise  noted,  each of the following  persons has sole voting and investment
power with respect to the shares set forth opposite their respective names.
<TABLE>
<CAPTION>

============================================================    =======================    =====================
Name and address of Beneficial Owner (1)                              Number of                  Percent
                                                                Shares of Common Stock
                                                                     Beneficially                   of
                                                                        Owned                     Class
------------------------------------------------------------    -----------------------    ---------------------
<S>                                                                     <C>                       <C>
Robert O. Naegele, Jr.                                                   8,033                     .32%
------------------------------------------------------------    -----------------------    ---------------------
Philip J. Myers                                                         20,000 (2)                 .80%
------------------------------------------------------------    -----------------------    ---------------------
Kirbyjon H. Caldwell                                                       --                       --
------------------------------------------------------------    -----------------------    ---------------------
Dennis J. Doyle                                                            --                       --
------------------------------------------------------------    -----------------------    ---------------------
Michael H. Holmquist                                                       --                       --
------------------------------------------------------------    -----------------------    ---------------------
All Executive Officers and Directors as a Group
(six individuals) (3)                                                   28,333                    1.14%
============================================================    =======================    =====================
</TABLE>

(1)  The address for the  Directors is 10237 Yellow  Circle  Drive,  Minnetonka,
     Minnesota 55343
(2)  Number does not include  9,400 shares owned by an affiliate of our Advisor,
     which affiliate is 20% indirectly  owned by Mr. Myers.  Mr. Myers disclaims
     beneficial  ownership of these shares (representing 20% of the shares owned
     by the  affiliate),  and does not have voting or investment  power over the
     shares.
(3)  Includes 300 shares owned by Scott J. Marquis. Mr. Marquis is an officer of
     our Advisor.

     The  Company  pays  no  compensation  to its  officers  and  has  no  other
employees. The Company has no equity compensation,  outstanding equity awards or
pension plans.

Item 12.  Certain Relationships and Related Transactions

General

     The Company's and the  Advisor's  activities  are governed by the Company's
Bylaws and the Advisory Agreement.  Both of these documents substantially comply
with the NASAA REIT Guidelines which include  substantive  limitations on, among
other things,  conflicts of interest and related party transactions.  Other than
with respect to the  purchase and sale of church bonds for our  portfolio in the
ordinary course of business, as described below, all future transactions between
us and our officers, directors and affiliates will be approved, in advance, by a
majority of our independent directors.

                                       7

<PAGE>

Our Advisor

     Subject to the  supervision  of the Board of  Directors,  our  business  is
managed by Church Loan Advisors, Inc. (our "Advisor"), which provides investment
advisory and administrative services.  Church Loan Advisors, Inc. is a Minnesota
corporation  and has acted as our Advisor since  inception in 1994.  Our Advisor
renders lending and advisory services solely to us, and administers our business
affairs and operations.

     The following  table sets forth the names and positions of the officers and
directors of the Advisor:

         Name                                Position
         Philip J. Myers                     President, Treasurer and Director
         Scott J. Marquis                    Vice President, Secretary

Our Advisory Agreement

     We have entered into a contract with our Advisor (the "Advisory Agreement")
under which our Advisor  furnishes  advice and  recommendations  concerning  our
affairs,  provides  administrative  services to us, and  manages our  day-to-day
affairs.  In performing its services under the Advisory  Agreement,  our Advisor
may use facilities,  personnel and support services of its affiliates. Expenses,
such as legal and  accounting  fees,  director  fees,  stock  transfer agent and
registrar  and paying agent fees,  are our direct  expenses and are not provided
for by our Advisor as part of its services.

     The Advisory  Agreement is renewable  annually by us for one-year  periods,
subject to a determination,  including a majority of our independent  directors,
that our Advisor's  performance has been  satisfactory and that the compensation
paid by us to our  Advisor  has been  reasonable.  The  Advisory  Agreement  was
reviewed and renewed for a one-year  period on April 24, 2008.  We may terminate
the Advisory Agreement without cause or penalty on 60 days' written notice. Upon
termination of the Advisory  Agreement by either party,  the Advisor may require
us to  change  our name to a name  that does not  contain  the word  "American,"
"America"  or the  name of the  Advisor  or any  approximation  or  abbreviation
thereof.  However,  we may  continue to use the word  "church" in our name.  Our
directors  must  determine  that  any  successor  Advisor  possesses  sufficient
qualifications  to  perform  the  Advisory  function  for  us  and  justify  the
compensation provided for in its contract with us.

     Pursuant to the Advisory  Agreement,  our Advisor is required to pay all of
the expenses it incurs in providing us services  including,  but not limited to,
personnel  expenses,  rental and other office expenses of officers and employees
of the  Advisor  (except  out-of-pocket  expenses  of such  persons  who are our
directors or officers), and all of its overhead and miscellaneous administrative
expenses relating to performance of its functions under the Advisory  Agreement.
We are required to pay all other  expenses,  including the costs and expenses of
reporting  to  various  governmental   agencies  and  our  shareholders  and  of
conducting our operations as a mortgage lender, fees and expenses of appraisers,
directors,  auditors,  outside  legal  counsel and  transfer  agents,  and costs
directly relating to the closing of loan transactions.

     In the event that our total operating  expenses exceed in any calendar year
the  greater  of (a) 2% of our  average  invested  assets  or (b) 25% of our net
income (before interest  expense),  the Advisor is obligated to reimburse us, to
the  extent  of its fees for such  calendar  year,  for the  amount by which the
aggregate  annual  operating   expenses  paid  or  incurred  by  us  exceed  the
limitation.  Our  independent  directors  may,  upon a finding  of  unusual  and
non-recurring factors which they deem sufficient,  determine that a higher level
of expenses is justified in any given year.

     Our Bylaws  provide that our  independent  directors are to  determine,  at
least  annually,  the  reasonableness  of the  compensation  which we pay to our
Advisor. Factors to be considered in reviewing the Advisory fee include the size
of the  fees  of the  Advisor  in  relation  to the  size,  composition  and our
profitability,  the  rates  charged  by  other  investment  advisors  performing
comparable services, the success of our Advisor in generating opportunities that
meet our investment  objectives,  the amount of additional  revenues realized by
our Advisor for other services performed,  the quality and extent of service and
advice  furnished by our Advisor,  the quality of our investments in relation to
investments  generated  by our  Advisor  for its own  account,  if any,  and the
performance of our investments.

                                       8

<PAGE>

     Pursuant  to the  Advisory  Agreement,  we pay our  Advisor an annual  base
management fee of 1.25% of average  invested  assets on the first $35 million of
such assets, 1.00% on assets from $35 million to $50 million, and .75% on assets
in excess of $50  million.  Although  entitled  to do so, the  Advisor  does not
assess its  management  fee on the church  bond  portion of our  portfolio,  but
rather only on the church loan  portion of our  portfolio.  For  purposes of the
Advisory  Agreement,  the Company's  Invested  Assets means  outstanding  church
loans,  and  does  not  include  church  bonds  or  cash  equivalent   temporary
investments.  As  defined in the  Advisory  Agreement,  we remit to the  Advisor
one-half of any  origination  fee collected  from a borrower in connection  with
mortgage  loans made or renewed by us. For the years ended December 31, 2007 and
2006, we paid our Advisor $456,000 and $573,000, respectively.

American Investors Group, Inc.

     In the  course of our  business,  we have  purchased  and may  continue  to
purchase church bonds being  underwritten and sold by American  Investors Group,
Inc., an affiliate of our Advisor. Mr. Myers owns 20% of and has been President,
Treasurer and a director of American Investors Group, Inc. since 1996.  Although
we have not and would not pay any commissions,  American  Investors Group,  Inc.
benefits from such purchases as a result of commissions paid to it by the issuer
of the bonds.  It also may  benefit  from  mark-ups  on bonds we buy from it and
mark-downs  on bonds we sell  through it on the  secondary  market.  We purchase
church  bonds for  investment  purposes  only,  and only at the public  offering
price.  Church bonds we purchase in the secondary  market, if any, are purchased
at the best price  available,  subject to customary  mark-ups (or in the case of
sales -  mark-downs),  on terms no less  favorable  than those  applied to other
customers of American  Investors Group,  Inc. Our principals and our Advisor may
receive a benefit in connection with such  transactions due to their affiliation
with the underwriter.

Director Independence

     The  Company's  Board of Directors  has  determined  that each of Dennis J.
Doyle, Kirbyjon H. Caldwell, Robert O. Naegele, Jr. and Michael G. Holmquist are
"independent,"  as that term is  defined in NASAA  REIT  Guidelines  and in Rule
4200(a)(15)  of  the   Marketplace   Rules  of  The  NASDAQ  Stock  Market  LLC.
Accordingly, the Board is composed of a majority of independent directors. There
are no  transactions  with the directors which were evaluated in connection with
the Board's  determination  of the  independence  or which have not already been
disclosed elsewhere in our 10-KSB filing.

Item 13.  Exhibits

Exhibits

Listed on the Exhibit Index, which is incorporated herein by reference.

Item 14.  Principal Accountant Fees and Services

     The  following  table  presents  fees  billed  to the  Company  by  Boulay,
Heutmaker,  Zibell & Co., P.L.L.P.,  the Company's  principal  accountants,  for
professional  services rendered for the fiscal years ended December 31, 2007 and
2006.

<TABLE>
<CAPTION>
..................................................................... .................................................
                                                                                 Years Ended December 31,
..................................................................... .................................................
..................................................................... ....................... .........................
                                                                              2007                     2006
..................................................................... ....................... .........................
..................................................................... ....................... .........................
<S>                                                                           <C>                        <C>
Audit Fees (1)                                                                $ 53,390                   $ 41,605
..................................................................... ....................... .........................
..................................................................... ....................... .........................
Audit-Related Fees (2)                                                               -                          -
..................................................................... ....................... .........................
..................................................................... ....................... .........................
Tax Fees (3)                                                                     3,815                      1,895
..................................................................... ....................... .........................
..................................................................... ....................... .........................
All Other Fees (4)                                                                 350                         -
..................................................................... ....................... .........................
..................................................................... ....................... .........................
                               Total                                          $ 57,555                   $ 43,500
..................................................................... ....................... .........................
</TABLE>

                                       9
<PAGE>

(1)  Audit Fees consist of fees billed for  professional  services  rendered for
     the audit of the Company's  annual  financial  statements and review of the
     interim  financial  statements  included in quarterly  reports and services
     that are normally provided by the Company's  independent  registered public
     accounting  firm in connection  with  statutory and  regulatory  filings or
     engagements.

(2)  Audit-Related  Fees  consist  of fees  billed  for  assurance  and  related
     services that are  reasonably  related to the  performance  of the audit or
     review of the Company's  financial  statements  and are not reported  under
     "Audit Fees." We did not engage Boulay,  Heutmaker,  Zibell & Co., P.L.L.P.
     to provide audit-related services during 2007 and 2006.

(3)  Tax Fees consist of fees billed for professional  services rendered for tax
     compliance, tax advice and tax planning.

(4)  All Other Fees consist of fees for  products  and  services  other than the
     services  reported  above.  In fiscal year 2007,  the Company paid $350 for
     assistance with a miscellaneous accounting matter.

     The Board does not have an audit committee.  However,  the Board as a whole
considers whether the independent  registered public accounting firm's provision
of  audit-related  services  to the  Company is  compatible  with the  auditor's
independence.  In addition, the Board pre-approves the hiring of our independent
registered  public  accounting firm, and has designated the Advisor to determine
if all fees to be charged for services  rendered by the  independent  registered
public  accounting  firm  are  fair  and  reasonable  prior  to any  work  being
performed.

                                       10

<PAGE>


SIGNATURES

     In accordance  with Section 13 or 15(d) of the Exchange Act, the registrant
has caused this report to be signed on its behalf by the undersigned,  thereunto
duly authorized.



AMERICAN CHURCH MORTGAGE COMPANY
<TABLE>
<CAPTION>
<S>      <C>                      <C>
Dated:    April 29, 2008          By:   /s/ Philip J. Myers
         ----------------               -------------------
                                        Philip J. Myers, President, Treasurer
                                        Chief Executive Officer, President and Treasurer
                                        Principal Executive Officer and Principal Financial Officer
</TABLE>
                                       11

<PAGE>


                                  EXHIBIT INDEX

Exhibit No.       Title
<TABLE>
<CAPTION>

<S>               <C>                                                                            <C>
3.1               Amended and Restated Articles of Incorporation                                 1
3.2               Third Amended and Restated Bylaws                                              2
4.1               Specimen Common Stock Certificate                                              1
4.2               Trust Indenture between the Company and The Herring National
                  Bank dated April 26, 2002                                                      3
4.3               Supplemental Trust Indenture between the Company and
                  The Herring National Bank dated September 28, 2004                             4
4.4               First Supplemental Indenture to 2002 Indenture dated July 2, 2007              2
4.5               First Supplemental Indenture to 2004 Indenture dated July 2, 2007              2
10.1              Amended and Restated REIT Advisory Agreement with
                  Church Loan Advisors, Inc. dated January 22, 2004                              5
10.2              Line of Credit Agreement with Beacon Bank dated March 18, 2002                 3
10.3              $2,000,000 Promissory Note and Combined Security Agreement between
                  the Company and Beacon Bank dated March 18, 2002                               3
10.4              Security Agreement between the Company and
                  The Herring National Bank, as Trustee dated April 26, 2002                     3
10.5              Supplemental Security Agreement between the Company and
                  The Herring National Bank, as Trustee dated September 28, 2004                 4
10.6              Revolving Credit Agreement by and among the Company and
                  KeyBank National Association, dated July 26, 2007                              5
10.7              Key Bank Promissory Note dated July 26, 2007                                   5
10.8              Security Agreement with KeyBank dated July 26, 2007                            5
10.9              Collateral Assignment of Documents Rights and Claims dated July 26, 2007       5
31.1              Certification Pursuant to Section 302 of Sarbanes Oxley Act of 2002            6
32.1              Certification Pursuant to 19 U.S.C. Section 1350, as adopted pursuant
                  to Section 906 of the Sarbanes Oxley Act of 2002                               6
</TABLE>
----------
(1) Incorporated herein by reference to the Company's  Registration Statement on
Form 8-A, filed April 30, 1999.
(2)  Incorporated  herein by reference to the Company's  Current  Report on Form
8-K, filed July 3, 2007.
(3) Incorporated herein by reference to the Company'  Registration  Statement on
Form S-11/A, filed April 26, 2002.
(4) Incorporated herein by reference to the Company'  Registration  Statement on
Form S-11/A, filed September 29, 2004.
(5)  Incorporated  herein by reference to the Company's  Current  Report on Form
8-K/A, filed August 1, 2007.
(6) Filed herewith.


                                       12

<PAGE>



                                                                    Exhibit 31.1
CERTIFICATION

     I, Philip J. Myers, certify that:

1.   I have reviewed this Form 10-KSB/A of the Company for the fiscal year ended
     December 31, 2007:

2.   Based on my knowledge,  this report does not contain any untrue  statements
     of a material fact or omit to state a material  fact  necessary to make the
     statements made, in light of the circumstances  under which such statements
     we made, not misleading with respect to the period covered by this report;

3.   Based  on my  knowledge,  the  financial  statements  and  other  financial
     information included in this report fairly present in all material respects
     the  financial  condition,  results  of  operations  and cash  flows of the
     Company as of and for, the periods presented in this report:

4.   I am responsible for establishing and maintaining  disclosure  controls and
     procedures  (as defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) and
     internal  controls  over  financial  reporting  (as defined in Exchange Act
     Rules 13a-15(f) and 15d-15(f)) for the Company and have:

     (a)  Designed  such  disclosure  controls  and  procedures,  or caused such
          disclosure   controls  and   procedures   to  be  designed   under  my
          supervision,  to ensure  that  material  information  relating  to the
          Company, including its consolidated subsidiaries,  is made known to me
          by others  within those  entities,  particularly  during the period in
          which this report is being prepared:

     (b)  Designed such internal  control over  financial  reporting,  or caused
          such internal control over financial reporting to be designed under my
          supervision, to provide reasonable assurance regarding the reliability
          of financial reporting and the preparation of financial statements for
          external  purposes in accordance  with generally  accepted  accounting
          principles;

     (c)  Evaluated the effectiveness of the small business issuer's  disclosure
          controls and  procedures  and presented in this report my  conclusions
          about the effectiveness of the disclosure controls and procedures,  as
          of the  end of the  period  covered  by  this  report  based  on  such
          evaluation; and

     (d)  Disclosed in this report any change in the Company's  internal control
          over  financial  reporting  that occurred  during the  Company's  most
          recent fiscal quarter that has materially  affected,  or is reasonably
          likely to  materially  affect,  the  Company's  internal  control over
          financial reporting, and

5.   I have disclosed,  based on my most recent  evaluation of internal controls
     over financial reporting, to the Company's auditors and the audit committee
     of the Company's  board of directors (or persons  performing the equivalent
     functions):

     (a)  All significant  deficiencies and material weaknesses in the design or
          operation of internal  controls  over  financial  reporting  which are
          reasonably  likely to  adversely  affect the small  business  issuer's
          ability   to  record,   process,   summarize   and  report   financial
          information; and

     (b)  any fraud, whether or not material,  that involves management or other
          employees who have a significant  role in the small business  issuer's
          internal control over financial reporting.

Dated:     April 29, 2008              By:     /s/  Philip J. Myers
        -------------------                    --------------------------------
                                                Philip J. Myers
                                          Chief Executive Officer, President and
                                          Treasurer
                                          (Principal Executive Officer and
                                           Principal Financial Officer)


                                       13

<PAGE>


                                                                    Exhibit 32.1


                            CERTIFICATION PURSUANT TO
                             18 U.S.C. SECTION 1350
                             AS ADOPTED PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


     In connection with the Annual Report of American  Church  Mortgage  Company
(the  "Company") on Form 10-KSB/A for the fiscal year ended December 31, 2007 as
filed with the  Securities  and  Exchange  Commission  on the date  hereof  (the
"Report"), the undersigned,  in the capacities and on the dates indicated below,
hereby  certifies  pursuant to 18 U.S.C.  Section 1350,  as adopted  pursuant to
Section of the Sarbanes-Oxley Act of 2002, that to his knowledge:

     1.   The Report fully  complies with the  requirements  of Section 13(a) or
          15(d) of the Securities Exchange Act of 1934; and

     2.   The  information  contained  in the  Report  fairly  presents,  in all
          material respects, the financial condition and results of operation of
          the Company.

Dated:      April 29, 2008                  By: /s/ Philip J. Myers
            -------------------               ---------------------------------
                                              Chief Executive Officer, President
                                              and Treasurer
                                              (Principal Executive Officer and
                                               Principal Financial Officer)


3782081v6


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