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, 1996
                            -------------------------

                         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) 284-3789
              (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 1, 1996.
<PAGE>



Item 1. Financial Statements

                    HOLCO MORTGAGE ACCEPTANCE CORPORATION -I
                                 BALANCE SHEETS

<TABLE>


                                                                       Sept. 30, 1996  December 31,
                               ASSETS                                    (Unaudited)      1995
                                                                       --------------  -----------
<S>                                                                    <C>             <C>
CASH ................................................................   $     1,000    $     1,000
INTEREST RECEIVABLE .................................................        71,400         72,938
     Insured GNMA mortgages, at cost ................................     9,448,730      9,492,787
     Funds held by Trustee ..........................................        94,141         86,334
                                                                        -----------    ----------- 
     Net Investments ................................................     9,542,871      9,579,121
ORGANIZATION COSTS, at amortized cost ...............................             0              0
                                                                        -----------    -----------
COLLATERALIZED MORTGAGE BOND OFFERING COSTS, net of accumulated
amortization of $1,051,522
                                                                                  0         12,159
                                                                        -----------    -----------
          Total Assets ..............................................   $ 9,615,271    $ 9,665,218
                                                                        ===========    ===========


                 LIABILITIES & STOCKHOLDERS' EQUITY

LIABILITIES:
     COLLATERALIZED MORTGAGE BONDS ..................................   $ 8,838,000    $ 8,838,000
     ACCOUNTS PAYABLE ...............................................        41,693         39,023
     INTEREST PAYABLE ...............................................       138,039        138,878
                                                                        -----------    -----------
          Total Liabilities .........................................   $ 9,017,732    $ 9,077,901


STOCKHOLDERS' EQUITY:
     COMMON STOCK, $0.01 par value;
     authorized 700,000 shares; issued and
     outstanding 663,750 shares .....................................   $     5,638    $     5,638
     ADDITIONAL PAID-IN CAPITAL .....................................     2,862,878      2,862,878
     RETAINED EARNINGS ..............................................    (2,270,977)    (2,281,199)
                                                                        -----------    -----------
          Total Stockholders' Equity ................................   $   597,539    $   587,317
                                                                        -----------    -----------
          Total Liabilities & Stockholders' Equity ..................   $ 9,615,271    $ 9,665,218
                                                                        ===========    ===========
</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    For the
                                                                                    Three      Nine
                                                                                    Months     Months
                                                                                   Sept. 30   Sept. 30
                                                                                     1996       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 OPERATIONS
                                   (Unaudited)
          For the Three and Nine Month Period Ended September 30, 1995



                                                         For the        For the
                                                          Three          Nine
                                                          Months         Months
                                                         Sept. 30       Sept. 30
                                                           1995           1995
                                                         --------       --------
INCOME:
     INTEREST INCOME .............................       $216,972       $652,252
     INTEREST INCOME - Market Discount ...........         32,413         32,421
          Total Income ...........................       $249,385       $684,673
EXPENSES:
     INTEREST EXPENSE ............................       $209,062       $628,539
     INTEREST EXPENSE - AMORTIZATION OF
     BOND OFFERING COSTS .........................          9,206          8,474
     MANAGEMENT FEE ..............................          1,542          4,626
          Total Expenses .........................       $219,810       $641,639
NET INCOME BEFORE PROVISION
FOR STATE INCOME TAXES ...........................       $ 29,575       $ 43,034
PROVISION FOR STATE TAXES ........................            890          2,670
          Net Income .............................       $ 28,685       $ 40,364
          Net Income per share (563,750
          shares outstanding) ....................       $   0.05       $   0.07


See Notes to Financial Statements.
<PAGE>


                    HOLCO MORTGAGE ACCEPTANCE CORPORATION -I

                             STATEMENTS OF CASH FLOW
                                   (Unaudited)

<TABLE>
                                                                                   For the     For the
                                                                                    Three        Nine
                                                                                    Months      Months
                                                                                   Sept. 30    Sept. 30
                                                                                     1996         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    $  18,049
                                                                                   ---------    ---------

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 ..............................................   $  95,141    $  95,141
                                                                                   =========    =========

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>



 HOLCO MORTGAGE ACCEPTANCE CORPORATION -I

                             STATEMENTS OF CASH FLOW
                                   (Unaudited)
<TABLE>
                                                                                   For the    For the
                                                                                    Three      Nine
                                                                                    Months     Months
                                                                                   Sept. 30   Sept. 30
                                                                                     1996       1996
                                                                                   --------   --------
<S>                                                                                <C>        <C> 
Cash flows from operating activities:
     Net income for the period .................................................   $  28,685    $  40,364
     Adjustments  to  reconcile  net income to net cash  provided  by  operating
     activities:
          Amortization of net GNMA .............................................     (32,413)     (32,421)
          certificate discount
          Amortization of collateralized mortgage
          obligation bond offering costs .......................................           0        8,474
          Decrease (increase) in:
               Interest Receivable .............................................       9,206          465
          Increase (decrease) in:
               Accounts payable ................................................         159         (890)
               Interest payable ................................................        (305)        (899)
                                                                                   ---------    ---------
     Cash flows provided by operating activities ...............................   $   6,222    $  15,093
                                                                                   ---------    ---------

Cash flows from investing activities:
     Principal payments on GNMA certificates ...................................   $  21,048    $  61,710
                                                                                   ---------    ---------

Cash flows from financing activities:
     Redemption of collateralized mortgage .....................................   $ (19,000)   $ (57,000)
     obligation bonds
     Dividend payment to stockholders ..........................................      (5,638)     (22,551)
                                                                                   ---------    ---------
     Cash flows used in financing activities ...................................   $ (24,638    $ (79,551)
                                                                                   ---------    ---------

     Increase (decrease) in cash and
     cash equivalents ..........................................................   $   2,632    $  (2,748)

Cash and cash equivalents, beginning ...........................................      83,591       88,971
                                                                                   ---------    ---------

Cash and cash equivalents, ending ..............................................   $  86,223    $  86,223
                                                                                   =========    =========

Supplemental disclosure of cash flow information:
Cash paid during the year for:
     Interest ..................................................................     209,367      629,438
     State income taxes ........................................................           0        3,560

</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, 1996 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, 1996 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.


<PAGE>


                           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.***


              *    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 28, 1996.


         (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 12, 1996           /s/ John T. Phair
                                     -----------------------------------------
                                     John T. Phair
                                     Vice President, Treasurer and Director
                                     Chief Accounting Officer


Date:    November 12, 1996           /s/ Kevin C. Horton
                                     -------------------------------------------
                                     Kevin C. Horton
                                     Vice President, Secretary and Director