Donald Robert Arace - Your Home Loan Professional
Donald Robert Arace
Vice President
NMLS #84735
Direct: 914-733-7901
Mobile: 914-364-0242
Fax: 877-345-9151
711 Westchester Ave. Suite 304
White Plains, NY 10604
Branch NMLS #90403
I am licensed to originate mortgage loans in the following state(s): CT, FL, NJ, NY
Watch this 2 minute video to learn more about the loan process

Meet Donald Robert Arace

My 25 Years of Experience Here to Assist You

Donald Robert Arace is an experienced, efficient, and courteous loan professional that works hard to provide you with the best home loan options and ensures your loan is closed smoothly and on time.

Donald Arace has previous 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 (June 2007- August 2008); and Prospect Lending (September 2008 – to present,); and brings his years of experience to bear when dealing with borrowers seeking mortgage financing.

Donald Arace 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 home buyers programs, FHA 203K rehabilitation loans and private mortgage lending options for high net worth individuals are just some of topics he has covered.

Donald Arace’s deep-dive discussions with borrowers helps consumers choose the proper mortgage program for their unique situation. The seminars also help the borrower understand the mortgage process, including 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:

  • The strength of a company that is a multibillion-dollar direct lender
  • 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

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 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 Robert Arace 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.

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

What are people saying about Donald Robert Arace?

"We were in a multiple bid situation on this home. We chose the buyer 's because I knew Donald Arace was their lender. That made all the difference in the world."
- Mary F.,  Dobbs Ferry, NY
"Was very attentive, on hand all times and kept me up to date through out the whole process!"
- Brian T.,  Yonkers, NY
"With all the challenges we faced we can't thank Donald enough for all of his hard work. He was there for us through every step of the way and without him this would not be possible. Thank you from the bottom of our hearts. "
- Jeffrey G.,  Hartsdale, NY
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