SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549
                            ------------------------
                                    FORM 10-Q


/X/  Quarterly report pursuant to Section 13 or 15(d) of the Securities 
     Exchange Act of 1934


                      For Quarter Ended September 30, 1997

                         -------------------------------
                         COMMISSION FILE NUMBER 33-13668
                           (S-11 Registration Number)
                         -------------------------------

                     HOLCO MORTGAGE ACCEPTANCE CORPORATION-I
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)


                                    DELAWARE
                         -------------------------------
                         (State or other jurisdiction of
                         incorporation of organization)


                             220 WEST COLFAX STREET
                                    SUITE 200
                              SOUTH BEND, IN 46601
                    ----------------------------------------
                    (Address of principal executive offices)


                                   38-2733561
                      ------------------------------------
                      (IRS Employer Identification Number)


                                 (219) 289-3585
              ----------------------------------------------------
              (Registrant's Telephone Number, including Area Code)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or 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 [  ]

The number of shares outstanding of each class of Registrant's  Common Stock was
563,750 shares of common stock, par value $.01 as of September 30, 1997.

<PAGE>

                    HOLCO MORTGAGE ACCEPTANCE CORPORATION -I
                                 BALANCE SHEETS

<TABLE>
                                                                  September 30,
                                                                      1997       December 31,
                              ASSETS                              (Unaudited)       1996
                                                                  -------------  ------------
<S>                                                               <C>            <C>   
CASH ..........................................................   $     1,000    $     1,000
INTEREST RECEIVABLE ...........................................        71,364         72,293
INVESTMENTS:
     Insured GNMA mortgages, at cost ..........................     9,337,232      9,403,269
     Funds held by Trustee ....................................        78,994         91,144
                                                                  -----------    -----------
     Net Investments ..........................................     9,416,226      9,494,413

ORGANIZATION COSTS, at amortized cost .........................             0              0
COLLATERALIZED MORTGAGE BOND OFFERING COSTS, net of accumulated
     amortization of $1,043,143 ...............................         8,379         11,571
                                                                  -----------    -----------
          Total Assets ........................................   $ 9,496,969    $ 9,579,277
                                                                  ===========    ===========

                LIABILITIES & STOCKHOLDERS' EQUITY

LIABILITIES:
     COLLATERALIZED MORTGAGE BONDS ............................   $ 8,747,000    $ 8,816,000
     ACCOUNTS PAYABLE .........................................        23,163         38,756
     INTEREST PAYABLE .........................................       136,480        137,565
                                                                  -----------    -----------
          Total Liabilities ...................................   $ 8,906,643    $ 8,992,321

STOCKHOLDERS' EQUITY:
     COMMON STOCK, $0.01 par value; authorized 700,000 shares; 
     issued and outstanding 563,750 shares ....................   $     5,638    $     5,638
     ADDITIONAL PAID-IN CAPITAL ...............................     2,862,878      2,862,878
     RETAINED EARNINGS ........................................    (2,278,190)    (2,281,560)
                                                                  -----------    -----------
          Total Stockholders' Equity ..........................   $   590,326    $   586,956
                                                                  -----------    -----------
          Total Liabilities & Stockholders' Equity ............   $ 9,496,969    $ 9,579,277
                                                                  ===========    ===========
</TABLE>
See Notes to Financial Statements.
<PAGE>


                    HOLCO MORTGAGE ACCEPTANCE CORPORATION -I

                            STATEMENTS OF OPERATIONS
                                   (Unaudited)
          For the Three and Nine Month Period Ended September 30, 1997
<TABLE>

                                                       For the Three   For the Nine
                                                       Months Ended    Months Ended
                                                      Sept. 30, 1997  Sept. 30, 1997
                                                      --------------  --------------
<S>                                                   <C>             <C>  
INCOME:
     INTEREST INCOME .............................       $212,702       $639,885
     INTEREST INCOME - Market Discount ...........          2,016          8,226
                                                         --------       --------
          Total Income ...........................       $214,718       $648,111
                                                         --------       --------

EXPENSES:
     INTEREST EXPENSE ............................       $205,008       $616,672
     INTEREST EXPENSE - AMORTIZATION OF
     BOND OFFERING COSTS .........................            540          3,192
     MANAGEMENT FEE ..............................          1,542          4,626
                                                         --------       --------
          Total Expenses .........................       $207,090       $624,490
                                                         --------       --------

NET INCOME BEFORE PROVISION
FOR STATE INCOME TAXES ...........................       $  7,628       $ 23,621
PROVISION FOR STATE TAXES ........................            890          2,967
                                                         --------       --------
          Net Income .............................       $  6,738       $ 20,654
                                                         ========       ========
          Net Income per share (563,750
          shares outstanding) ....................       $   0.01       $   0.04
                                                         ========       ========
</TABLE>

See Notes to Financial Statements.
<PAGE>


                    HOLCO MORTGAGE ACCEPTANCE CORPORATION -I

                            STATEMENTS OF OPERATIONS
                                   (Unaudited)
          For the Three and Nine Month Period Ended September 30, 1996
<TABLE>


                                                       For the Three  For the Nine
                                                       Months Ended   Months Ended
                                                      Sept. 30, 1996 Sept. 30, 1996
                                                      -------------- --------------
<S>                                                   <C>            <C>   
INCOME:
     INTEREST INCOME .............................       $214,878       $646,027
     INTEREST INCOME - Market Discount ...........              0         68,807
                                                         --------       --------
          Total Income ...........................       $214,878       $714,834
                                                         --------       --------

EXPENSES:
     INTEREST EXPENSE ............................       $207,140       $622,898
     INTEREST EXPENSE - AMORTIZATION OF
     BOND OFFERING COSTS .........................              0         12,159
     MANAGEMENT FEE ..............................          1,542          4,626
                                                         --------       --------
          Total Expenses .........................       $208,682       $639,683
                                                         --------       --------

NET INCOME BEFORE PROVISION
FOR STATE INCOME TAXES ...........................       $  6,196       $ 75,151
PROVISION FOR STATE TAXES ........................            890          2,670
                                                         --------       --------
          Net Income .............................       $  5,306       $ 72,481
                                                         ========       ========
          Net Income per share (563,750
          shares outstanding) ....................       $   0.01       $   0.13
                                                         ========       ========
</TABLE>
See Notes to Financial Statements.
<PAGE>


                    HOLCO MORTGAGE ACCEPTANCE CORPORATION -I

                             STATEMENTS OF CASH FLOW
                                   (Unaudited)
<TABLE>


                                                                                 For the Three    For the Nine
                                                                                 Months Ended     Months Ended
                                                                                Sept. 30, 1997   Sept. 30, 1997
                                                                                --------------   --------------
<S>                                                                             <C>              <C>    
Cash flows from operating activities:
     Net income for the period .................................................   $   6,738        $  20,654
     Adjustments  to  reconcile  net income to net cash  provided  by  operating
     activities:
          Amortization of net GNMA
          certificate discount .................................................      (2,016)          (8,226)
          Amortization of collateralized mortgage
          obligation bond offering costs .......................................         540            3,192
          Decrease (increase) in:
               Interest Receivable .............................................         190              559
          Increase (decrease) in:
               Accounts payable ................................................         890          (15,593)
               Interest payable ................................................        (374)          (1,085)
                                                                                   ---------        ---------
     Cash flows provided by operating activities ...............................   $   5,968        $    (499)
                                                                                   ---------        ---------

Cash flows from investing activities:
     Principal payments on GNMA certificates ...................................   $  25,329        $  74,263
                                                                                   ---------        ---------

Cash flows from financing activities:
     Redemption of collateralized mortgage obligation bonds ....................   $ (24,000)       $ (69,000)
     Dividend payment to stockholders ..........................................      (5,638)         (16,914)
                                                                                   ---------        ---------
     Cash flows used in financing activities ...................................   $ (29,638)       $ (85,914)
                                                                                   ---------        ---------

     Increase (decrease) in cash and
     cash equivalents ..........................................................   $   1,659        $ (12,150)
Cash and cash equivalents, beginning ...........................................      78,335           92,144
                                                                                   ---------        ---------
Cash and cash equivalents, ending ..............................................   $  79,994        $  79,994
                                                                                   =========        =========

Supplemental disclosure of cash flow information:
Cash paid during the year for:
     Interest ..................................................................   $ 205,382        $ 617,757
     State income taxes ........................................................           0            3,500

</TABLE>
See Notes to Financial Statements.
<PAGE>



                    HOLCO MORTGAGE ACCEPTANCE CORPORATION -I

                             STATEMENTS OF CASH FLOW
                                   (Unaudited)

<TABLE>

                                                                                 For the Three    For the Nine
                                                                                 Months Ended     Months Ended
                                                                                Sept. 30, 1996   Sept. 30, 1996
                                                                                --------------   --------------
<S>                                                                             <C>              <C>   
Cash flows from operating activities:
     Net income for the period .................................................   $   5,306        $  72,481
     Adjustments  to  reconcile  net income to net cash  provided  by  operating
     activities:
          Amortization of net GNMA
          certificate discount .................................................           0          (68,807)
          Amortization of collateralized mortgage
          obligation bond offering costs .......................................           0           12,159
          Decrease (increase) in:
               Interest Receivable .............................................         174              510
          Increase (decrease) in:
               Accounts payable ................................................         890            2,670
               Interest payable ................................................        (328)            (969)
                                                                                   ---------        ---------
     Cash flows provided by operating activities ...............................   $   6,042        $  18,044
                                                                                   ---------        ---------

Cash flows from investing activities:
     Principal payments on GNMA certificates ...................................   $  23,069        $  67,676
                                                                                   ---------        ---------
Cash flows from financing activities:
     Redemption of collateralized mortgage .....................................   $ (21,000)       $ (62,000)
     obligation bonds
     Dividend payment to stockholders ..........................................      (5,638)         (16,914)
                                                                                   ---------        ---------
     Cash flows used in financing activities ...................................   $ (26,638)       $ (78,914)
                                                                                   ---------        ---------

     Increase (decrease) in cash and cash equivalents ..........................   $   2,473        $   6,806
Cash and cash equivalents, beginning ...........................................      92,667           88,334
                                                                                   ---------        ---------
Cash and cash equivalents, ending ..............................................   $  95,140        $  95,140
                                                                                   =========        =========

Supplemental disclosure of cash flow information:
Cash paid during the year for:
     Interest ..................................................................     207,469          623,555
     State income taxes ........................................................           0                0

</TABLE>

See Notes to Financial Statements.
<PAGE>



                          NOTES TO FINANCIAL STATEMENTS



Note 1.   In the  opinion  of the  Corporation,  the  accompanying  unaudited
          financial  statements  contain all  adjustments  necessary  to present
          fairly the financial position as of September 30, 1997 and the results
          of operations and changes in financial position for the three and nine
          months then ended.


Note 2.   The results of operations for the three and nine month period ended
          September 30, 1997 is not necessarily  indicative of the results to be
          expected for the full year.

<PAGE>



Item 2. Management's  Discussion and Analysis of Financial Condition and Results
        of Operations.

The  Corporation's  results  of  operations  depend  primarily  on the amount of
interest  paid on the  Multifamily  GNMA  Certificates  securing the Bonds,  the
incidence of prepayments of principal made on the mortgage loans underlying such
multifamily  GNMA  Certificates,  the amount of earnings from  re-investment  of
distributions  on such  Multifamily  GNMA  Certificates  and the  amount  of the
Corporation's expenses,  including, among other things, interest payments due on
the Bonds and the operating  expenses of the Corporation.  Substantially  all of
the Corporation's  expenses are interest  payments due on the Bonds,  management
fees, audit, legal,  trustee and other related expenses,  state and local taxes,
reporting requirement fees and costs of maintaining the Corporation's  corporate
qualifications.  It is anticipated that scheduled  distributions of principal of
and interest on the Multifamily GNMA Certificates  pledged as collateral for the
Bonds, together with the re-investment earnings thereon, will provide sufficient
funds to make timely payment of all amounts due on the Bonds in accordance  with
their terms and to pay all of the operating expenses of the Corporation.

The  Corporation's  primary  sources  of funds  with  respect  to the  Bonds are
payments of  principal  of and  interest on the  Multifamily  GNMA  Certificates
pledged to secure the Bonds and re-investment  earnings thereon. The Corporation
anticipates that it will have sufficient  liquidity and capital resources to pay
all  other  expenses  of the  Corporation.  The  Corporation  does  not have any
significant  source of funds other than  distributions  on the Multifamily  GNMA
Certificates  pledged to secure the bonds and  re-investment  earnings  thereon.
Virtually all of the assets and  liabilities of the  Corporation are monetary in
nature. Because the Bonds are secured by Multifamily GNMA Certificates which pay
interest at specified  rates, and because payments on the Bonds are at specified
rates of interest, inflationary pressures are not expected to affect the ability
of the Corporation to meet its obligations as they become due.

The  Corporation  expects  that  scheduled  distributions  of  principal  of and
interest  on the  Multifamily  GNMA  Certificates  pledged  to secure the Bonds,
together with the re-investment  earnings thereon,  will at all times exceed the
aggregate  of the amounts due as payments of  principal  of and  interest on the
Bonds and operating expenses of the Corporation.

Because  the amount of  interest  income  that the  Corporation  receives on the
Multifamily  GNMA  Certificates,  together  with the  re-investment  earnings on
distributions of principal of and interest on the Multifamily GNMA Certificates,
may in some periods be less than the sum of the  Corporation's  interest expense
on the Bonds and operating expenses for such periods, the Corporation's ratio of
earnings to fixed charges for such periods may be less than one to one. Any such
income shortfalls will not, however,  be cash flow shortfalls  because principal
and  interest  payments on the  Multifamily  GNMA  Certificates,  together  with
re-investment  income thereon,  will be available in sufficient  amounts to meet
interest income shortfalls and to make required principal payments on the Bonds.
In addition,  the  amortization  of issuance  costs of the Bonds will reduce the
Corporation's  ratio of earnings to fixed charges but will not affect the amount
of cash available to meet fixed charges.

                           PART II - OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K.


(a)  The  following   documents  are  filed  as  part  of  this  Form  10-Q  and
     incorporated herein by this reference:


        4.1  Specimen  certificate  representing  Pass-Through  Equity  Residual
             Certificates of the Registrant.*


        4.2  Specimens  of  the  Series  A,  B  and  C  Collateralized  Mortgage
             Obligation Bonds.*


        4.3  Trust Indenture dated as of August 26, 1987.*


        4.4  Form of  Guaranty  Agreement  between  the  servicer  and GNMA with
             respect to Project Loan Securities under the GNMA I Program.**


        28   Form 10-K of registrant.***
<PAGE>


        *    Each of the foregoing  was filed as an Exhibit with Post  Effective
             Amendment No. 1 on Form S-11  (Registration  No. 33-13688) filed on
             September 10, 1987.

        **   The foregoing was filed as an Exhibit to the Registration Statement
             on Form S-11, No. 33-13668 on April 22, 1987.

        ***  The foregoing was filed by the registrant on March 31, 1997.

(b)  No reports on form 8-K have been filed during the fiscal  quarter for which
     this Form 10-Q is being filed.


<PAGE>


                                   SIGNATURES




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




                                         HOLCO MORTGAGE ACCEPTANCE CORPORATION-I
                                                       (Registrant)


Date: November 13, 1997                   /s/ John T. Phair
                                          --------------------------------------
                                          John T. Phair
                                          Vice President, Treasurer and Director
                                          Chief Accounting Officer


Date: November 13, 1997                   /s/ Kevin C. Horton
                                          --------------------------------------
                                          Kevin C. Horton
                                          Vice President, Secretary and Director