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

                                  FORM 10-KSB/A
                                (Amendment No. 2)

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[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 __________.

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                        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 December 4,
2008 was:

                  2,472,081 Shares of Common Stock Outstanding

                      DOCUMENTS INCORPORATED BY REFERENCE:

                                      None

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



This Amendment No. 2 on Form 10-KSB/A (the  "Amendment") to the Annual Report on
Form 10-KSB for the period ended December 31, 2007,  which was originally  filed
with the  Securities  and Exchange  Commission on March 28, 2008 (the  "Original
Filing"),  and which was amended on April 29, 2008 (the "First  Amendment"),  is
being filed to amend the Original Filing as follows:

o    To include  management's  assessment of the  effectiveness  of our internal
     control  over  financial  reporting  during the fiscal year ended March 31,
     2007,  as  required by Item 8A(T) of Part II of Form 10-KSB and Item 308(T)
     of Regulation  S-B, by restating,  in its entirety,  Item 8A(T) of Part II;
     and

o    To provide a currently dated certification from our Chief Executive Officer
     and Chief Financial Officer, as required by Rules 13a-14(a)/15d-14(a) under
     the Securities Exchange Act of 1934, as an exhibit.

     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.


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                        AMERICAN CHURCH MORTGAGE COMPANY
                                  FORM 10-KSB/A



                                      INDEX                               Page
                                                                           No.

                                     PART II

Item 8A(T).   Controls and Procedures...................................... 3

Item 13.      Exhibits..................................................... 3

Signatures ................................................................ 4








                                       2
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                                     PART II

Item 8A(T).  Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures.  Under the supervision and
with the participation of our senior management,  consisting of Philip J. Myers,
our chief  executive  officer  and chief  financial  officer,  we  conducted  an
evaluation of the  effectiveness  of the design and operation of our  disclosure
controls and  procedures,  as defined in Rules 13a-15(e) and 15d-15(e) under the
Securities Exchange Act of 1934, as amended, as of the end of the period covered
by this report (the  "Evaluation  Date").  Based on this  evaluation,  our chief
executive  officer and chief financial officer  concluded,  as of the Evaluation
Date, that our disclosure  controls and procedures are not effective as a result
of limited  resources  and limited  segregation  of duties  such that  financial
information  required to be disclosed in our Securities and Exchange  Commission
("SEC") reports (i) is recorded,  processed,  summarized and reported within the
time  periods  specified  in SEC rules and forms,  and (ii) is  accumulated  and
communicated to our management,  including our chief executive officer and chief
financial officer,  as appropriate to allow timely decisions  regarding required
disclosure. More specifically,  the Company has a limited number of personnel in
the finance and  accounting  functions.  Were there a larger staff,  it would be
possible to provide for greater  segregation of duties which would permit checks
and  balances  and  reviews  that would  improve  internal  control.  Management
recognizes  that  this  is  a  material  weakness.  A  material  weakness  is  a
deficiency,  or combination of deficiencies,  in internal control over financial
reporting,  such  that  there  is  a  reasonable  possibility  that  a  material
misstatement of the Company's annual or interim financial statements will not be
prevented or detected in a timely basis.

(b) Management's Annual Report on Internal Control Over Financial Reporting. The
management of American Church Mortgage  Company is responsible for  establishing
and maintaining an adequate system of internal control over financial  reporting
(as defined in Exchange Act Rule 13a-15(f)).  Under the supervision and with the
participation of our senior  management,  we also conducted an evaluation of our
internal  control  over  financial  reporting  as of the  Evaluation  Date.  Our
internal  control  over  financial  reporting  is a process  designed to provide
reasonable  assurance  regarding the reliability of financial  reporting and the
preparation  of  financial   statements  for  external  purposes  of  accounting
principles  generally  accepted in the United  States.  Because of its  inherent
limitations, internal control over financial reporting may not prevent or detect
misstatements.  Therefore,  even those  systems  determined  to be effective can
provide only  reasonable  assurance of achieving  their control  objectives.  In
evaluating the  effectiveness of our internal control over financial  reporting,
our  management  used the  criteria  set forth by the  Committee  of  Sponsoring
Organizations of the Treadway Commission (COSO) in Internal Control - Integrated
Framework.  Based on that  evaluation,  our chief  executive  officer  and chief
financial officer concluded that, as of the Evaluation Date, we did not maintain
effective internal control over financial  reporting as a result of the material
weakness   described   above.  We  continue  to  evaluate   internal   controls,
particularly  segregation of duties, to provide greater  segregation and improve
overall internal control.

(c) Attestation by Registered  Public  Accounting  Firm. This annual report does
not include an  attestation  report of our  registered  public  accounting  firm
regarding internal control over financial reporting. Management's report was not
subject to  attestation  by our registered  public  accounting  firm pursuant to
temporary  rules of the  Securities  and Exchange  Commission  that permit us to
provide only management's report in this annual report.

Our  independent  registered  public  accountants  have reported to our Board of
Directors certain matters of involving internal controls that they considered to
be a material  weakness on the Evaluation Date,  under standards  established by
the American  Institute of Certified Public  Accountants.  The material weakness
relates to the limited segregation of duties.

(d) Changes in Internal Control over Financial Reporting.  There were no changes
in our  internal  control  over  financial  reporting,  except for the  material
weakness  identified above related to limited resources and limited  segregation
of duties, that occurred during the last fiscal quarter of the period covered by
this report that have materially affected or are reasonably likely to materially
affect our internal control over financial reporting.

Item 13.Exhibits

Exhibit No.  Title
---------    -----
31.1         Certification Pursuant to Section 302of Sarbanes Oxley Act of 2002


                                       3
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                                   SIGNATURES


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  the  report  to be  signed  on its  behalf  by the
undersigned, thereunto duly authorized.

Dated:    December 5, 2008

                            AMERICAN CHURCH MORTGAGE COMPANY

                           By:  /s/ Philip J. Myers
                           ----------------------------------------
                           Philip J. Myers
                           Chief Executive Officer and Chief Financial Officer
                           (Principal Executive Officer and Principal Financial
                            and Accounting Officer)





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                                  EXHIBIT INDEX

Exhibit No.  Title

31.1        Certification Pursuant to Section 302 of Sarbanes Oxley Act of 2002