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

                                  FORM 10-K

           [X]   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                         THE SECURITIES EXCHANGE ACT OF 1934

                    For the fiscal year ended MARCH 31, 1997

                                     OR

          [   ]    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                        THE SECURITIES EXCHANGE ACT OF 1934

          For the transition period from                to                 

          Commission File Number 33-21796

                             JHM ACCEPTANCE CORPORATION
              (Exact name of registrant as specified in its charter)

                DELAWARE                             52-1472693
        (State or other jurisdiction of           (I.R.S. Employer
         incorporation or organization)          Identification No.)

       8300 GREENSBORO DRIVE, SUITE 970, MCLEAN, VA      22102
       (Address of principal executive offices)        (Zip Code)

       Registrant's telephone number, including area code:  703-749-8240

       c/o EXECUTIVE OFFICES, INC., 42-C READ'S WAY, NEW CASTLE, DE  19720     
	       (Former address if changed from last report)

       Securities registered pursuant to Section 12(b) of the Act:  NONE

       Securities registered pursuant to Section 12(g) of the Act:  NONE

      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 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  

      State the aggregate market value of the voting stock held by non-
      affiliates of the registrant:  NONE

      At June 25, 1997, the registrant had 7 shares of common stock
      outstanding all of which were held by an affiliate.

<PAGE>

                          JHM ACCEPTANCE CORPORATION 
                                  Form 10-K
                               March 31, 1997

                              TABLE OF CONTENTS

                                   PART I
                                                                  Page
                                                                  ----
                                                                 
Item 1.	Business                                                   3-4
Item 2.	Properties                                                   5
Item 3. Legal Proceedings                                            5
Item 4. Submission of Matters to a Vote of Security Holders          5

                                  PART II

Item 5.	Market for the Registrant's Common Equity and Related
          Stockholder Matters                                        6
Item 6.	Selected Financial Data                                      7
Item 7.	Management's Discussion and Analysis of Financial
          Condition and Results of Operations                        8
Item 8.	Financial Statements and Supplementary Data               9-16
Item 9.	Changes in and Disagreements with Accountants on
          Accounting and Financial Disclosure                       17

                                 PART III

Item 10. Directors and Executive Officers of the Registrant         18
Item 11. Executive Compensation                                     19
Item 12. Security Ownership of Certain Beneficial Owners and
           Management                                               19
Item 13. Certain Relationships and Related Transactions             19

                                 PART IV

Item 14. Exhibits, Financial Statement Schedules, and
           Reports on Form 8-K                                   20-23

Signatures                                                          24

<PAGE>

                                 PART I


Item 1. Business

JHM Acceptance Corporation ("JMAC") was organized as a Delaware corporation
on March 31, 1986. Prior to March 7, 1988, JMAC was known as Oxford
Acceptance Corporation and from March 7, 1988 to May 24, 1988, JMAC was known
as Montgomery Acceptance Corporation.  JMAC is a limited-purpose financing
corporation organized to issue and sell bonds, notes and obligations and to
acquire, own, hold and pledge mortgage-backed certificates ("Mortgage
Certificates") issued and guaranteed as to principal and interest by the
Government National Mortgage Association, the Federal National Mortgage 
Association, the Federal Home Loan Mortgage Corporation and obligations of
others which are secured by these types of instruments, mortgages and other
mortgage-related collateral.

JMAC filed a Registration Statement with the Securities and Exchange
Commission which became effective February 3, 1987, registering its
collateralized mortgage obligations ("Bonds") in the aggregate principal
amount of $1.0 billion.  On May 10, 1988, JMAC filed an additional bridge
shelf registration providing for the issuance of up to $700,000,000 aggregate
principal amount of Bonds.  Between June 30, 1987 and March 31, 1989, JMAC
issued its Series A, Series B, Series C, Series D and Series E Bonds 
totaling $1.3 billion secured by Mortgage Certificates with a similar 
aggregate principal amount. 

During 1987 and 1988, JMAC sold the residual cash flow streams ("Residuals")
related to its Series A, Series B and Series C Bonds for approximately
$13,827,000, $9,042,000 and $18,771,000, respectively, net of sales expenses.
These transactions are treated as a sale for financial accounting purposes.
The gain from the sale of such Residuals, which were not sold simultaneously
with the issuances, was deferred.  As of March 31, 1990, the gain had been
fully recognized using a level yield methodology as cash flows reduced the 
principal of the related Residuals.

On September 30, 1988, JMAC issued its Series D Bonds and sold the residual
cash flows simultaneously with the issuance of the Bonds.  On March 30, 1989,
JMAC issued its Series E Bonds and sold the residual cash flows
simultaneously with the issuance of the Bonds.  The sale of these residuals
for both Series D and Series E were treated as sales for financial accounting
purposes.

Each series of JMAC's Bonds is secured by collateral consisting of Mortgage
Certificates pledged in connection with such Bond series.  The collateral for
each series is pledged with a trustee on behalf of the holders of the Bonds
of each series and is not available for payment of Bonds of any other series
or any other liabilities of JMAC.  Management believes that distributions on
the Mortgage Certificates pledged as collateral for each series of Bonds
issued by JMAC will be sufficient to pay the Bonds in accordance with their
terms.  The Bonds are rated "AAA" by Standard & Poor's Corporation.

<PAGE>
JDS Financial Services Corporation ("JFSC"), a wholly-owned subsidiary of JDS
Capital Corporation ("JCC"), provides management, administrative, and
investment services to JMAC under an administration agreement
("Administration Agreement").

The principal business of JFSC is the management and structuring of the
mortgage-backed securities and related transactions for JMAC, its affiliates
and third party customers.  Pursuant to the Administration Agreement, JFSC
will provide management, administrative and investment services to JMAC. 
JMAC does not have any employees.

JMAC had been active in the issuance of arbitrage collateralized mortgage
obligations.  However, numerous other well-known national financing and
investment banking companies issue arbitrage collateralized mortgage
obligations.  In addition, Federal National Mortgage Association and Federal
Home Loan Mortgage Corporation have become the dominant issuers of
collateralized mortgage obligations.  These companies and agencies offer
intense competition in the business and many are much larger in size and have
greater financial resources than JMAC.  However, JMAC expects that it may issue
additional series of Bonds.  
<PAGE>

Item 2.	Properties

JMAC does not own any real property for use in connection with its operations.

Item 3.	Legal Proceedings

Inapplicable.

Item 4.	Submission of Matters to a Vote of Security Holders

Inapplicable.

<PAGE>

                                PART II


Item 5. Market for the Registrant's Common Equity and Related Stockholder
          Matters

(a) Market Information

No public trading market exists for the common stock of JMAC.

(b) Holders

As of June 25, 1997, all the common stock of JMAC was owned by one stockholder.

(c) Dividends

No dividends have been declared or paid for the year ended March 31, 1997.
<PAGE>
<TABLE>

Item 6.	Selected Financial Data

The selected financial data of the Registrant set forth below should be read
in conjunction with the Registrant's financial statements and the notes
thereto included in Item 8 in the Registrant's Form 10-K.

                                             Income Statement Data
<CAPTION>

                  For the      For the      For the      For the      For the
                 year ended   year ended   year ended   year ended   year ended
                  March 31,    March 31,    March 31,    March 31,    March 31,
                    1997         1996         1995         1994         1993
                 ----------   ----------   ----------   ----------   ---------- 
<S>              <C>          <C>          <C>          <C>          <C>         


Total Revenues   $      0     $       0    $      0     $       0    $      0          

Net Loss          (22,000)     (123,000)   ( 39,000)     (172,000)   (277,000)
</TABLE>
<TABLE>

                                   Balance Sheet Data
                                    As of March 31,
<CAPTION>

                    1997         1996        1995         1994         1993
                 ----------    ----------  ----------   ----------  ---------- 
<S>              <C>           <C>         <C>          <C>         <C>

Total Assets     $ 316,000     $ 314,000   $ 424,000    $ 440,000   $ 564,000

Stockholder's
 Equity	            82,000       104,000     225,000      261,000     430,000
</TABLE>
<PAGE>

Item 7. Management's Discussion and Analysis of Financial Condition
             and Results of Operations

Capital Resources and Liquidity

JMAC's sources of funds with respect to its Bonds are receipts of principal
and interest on the Mortgage Certificates, pledged as collateral for each
series of Bonds, and the reinvestment income thereon. Management believes
that these sources of funds will be sufficient to pay the Bonds in accordance
with their terms.  As of March 31, 1989, JMAC had sold the residual cash
flows for all of its outstanding series.  As a result, JMAC currently has (a)
no sources of cash flows as all cash flows from the Mortgage Certificates
are restricted and must be paid first to the bondholders and then any excess
(net of expenses) is distributed to the residual interest holders; and (b)
no responsibility for expenses related to its three remaining series.  As a
consequence, in accordance with the guidance given by the Emerging Issues
Task Force in Issue No. 89-4, "Accounting for a Purchased Investment in a
Collateralized Mortgage Obligation Instrument", such issuances are not
consolidated by JMAC.

At March 31, 1997 JMAC had a remaining balance available for issuance of
additional bonds of $399,750,000 from previous shelf registrations. 
A post-effective Amendment No. 2 to Form S-11 on Form S-3 was filed with the
commission on October 17, 1990.

Results of Operations

JMAC executes arbitrage collateralized mortgage obligations and
simultaneously or subsequently sells the residual cash flows created by these
transactions.  JMAC issued its Series A Bonds in June 1987, Series B Bonds
and C Bonds in October 1987, Series D Bonds in September 1988 and Series E
Bonds in March 1989.  Expenses in each period presented are primarily
dependent on the prepayment rates on the mortgage certificates securing
certain of JMAC's bonds which affect the related goodwill amortization.

Goodwill amortization decreased to $22,000 for the year ended March 31, 1997
compared to $121,000 for the year ended March 31, 1996.   The decrease is
primarily due to the redemption of JMAC Series B and the resulting
amortization of the related goodwill in the prior year.   


Effects of Inflation

The level of inflation that our economy experiences will affect the amount of
interest charged on fixed-rate mortgages similar to those underlying the
Mortgage Certificates used to secure the Bonds. Generally, when interest
rates on fixed-rate mortgages are above the level charged on the underlying
mortgages securing the Bonds, prepayments will be slower, while when interest
rates are below the level of the underlying mortgages securing the Bonds, 
prepayments will be faster due to refinancing of the underlying mortgages.
In no case would the level of scheduled payments on the underlying mortgages 
extend the maturity of the Bonds beyond the stated maturity, but the level of
prepayments could result in one or more classes of Bonds being paid in full
prior to their stated maturity.  The level of inflation also affects the rate
at which JMAC's goodwill is amortized.  Hence, due to the unpredictability of
market conditions, it is not possible to accurately determine the level of
inflation, future prevailing interest rates, and their effect on possible 
prepayments of the underlying mortgages which in turn will affect the related
amortization of goodwill.
<PAGE>
Item 8.	Financial Statements and Supplementary Data

                           INDEX TO FINANCIAL STATEMENTS



                                                                       Page
JHM Acceptance Corporation

Report of Independent Public Accountants                                10
Balance Sheets as of March 31, 1997 and March 31, 1996                  11
Statements of Loss for the Years Ended March 31, 1997,
  March 31, 1996 and March 31, 1995                                     12
Statements of Changes in Stockholder's Equity for the
  Years Ended March 31, 1997,  March 31, 1996                           
  and March 31, 1995                                                    13
Statements of Cash Flows for the Years Ended
  March 31, 1997, March 31, 1996 and March 31, 1995                     14
Notes to Financial Statements                                        15-16

<PAGE>

REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS


To the Board of Directors of
JHM Acceptance Corporation:

We have audited the accompanying balance sheets of JHM Acceptance Corporation
(the "Company," a Delaware corporation and a wholly owned subsidiary of
JDS Capital Corporation) as of March 31, 1997 and 1996, and the related
statements of loss, changes in stockholder's equity and cash flows for each
of the three years in the period ended March 31, 1997.  These financial
statements are the responsibility of the Company's management.  Our
responsibility is to express an opinion on these financial statements based
on our audits.

We conducted our audits in accordance with generally accepted auditing
standards.  Those standards require that we plan and perform an audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement.  An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation.  We believe that our audits provide a
reasonable basis for our opinion. 

In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of JHM Acceptance
Corporation as of March 31, 1997 and 1996, and the results of its operations
and its cash flows for each of the three years in the period ended March 31,
1997, in conformity with generally accepted accounting principles.




                                            Arthur Andersen LLP   

Washington, D.C.,
June 25, 1997
<PAGE>
<TABLE>

                          JHM ACCEPTANCE CORPORATION
                                BALANCE SHEETS
                         As of March 31, 1997 and 1996
<CAPTION>
                                             1997                  1996
                                         -----------           ----------
<S>                                      <C>                   <C>

ASSETS

Cash                                     $  235,000            $  211,000
Goodwill, net of accumulated
 amortization of $1,409,000 and
 $1,387,000, respectively                    81,000               103,000
                                         ----------            ----------                                           
Total Assets                             $  316,000            $  314,000

LIABILITIES AND STOCKHOLDER'S EQUITY

Liabilities:
Due to Affiliates                        $  234,000            $  210,000
                                         ----------            ----------    
Total Liabilities                           234,000               210,000

Stockholder's Equity:
 Common stock - $10 par value,
 10,000 shares authorized, 7 shares
 issued and outstanding                       1,000                 1,000
Additional paid-in capital                3,128,000             3,127,000
Retained deficit                         (3,047,000)           (3,024,000)
                                         ----------            ----------
Total Stockholder's Equity                   82,000               104,000
                                         ----------            ----------
Total Liability and Equity               $  316,000            $  314,000
<FN>
The accompanying notes are an integral part to these statements.
</TABLE>
<PAGE>
<TABLE>
                              JHM ACCEPTANCE CORPORATION
                                  STATEMENTS OF LOSS
                    For the Years Ended March 31, 1997, 1996 and 1995

<CAPTION>
                              1997            1996             1995
                          ------------     ------------     ------------     
<S>                       <C>              <C>              <C>

REVENUES

Interest and other income  $       0       $       0         $       0

Total revenues                     0               0                 0
                           ---------       ---------         ---------
EXPENSES

Goodwill amortization         22,000         121,000            36,000
Accounting, legal,
 administrative and
 other expenses                1,000           1,000             3,000
                           ---------       ---------         ---------
Total expenses                23,000         122,000            39,000             
                           ---------       ---------         ---------
Net loss                   $( 23,000)      $(122,000)        $ (39,000)

<FN> 
The accompanying notes are an integral part of these statements.
</TABLE>
<PAGE>
<TABLE>

                             JHM ACCEPTANCE CORPORATION
                    STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY
                  For the Years Ended March 31, 1997, 1996 and 1995

<CAPTION>
                                          Additional
                              Common       Paid-In      Retained
                              Stock        Capital      Deficit       Total
                              -------   -----------  ------------  ---------- 
<S>                           <C>        <C>         <C>           <C>  
Balance, March 31, 1994       $ 1,000   $3,123,000   $ (2,863,000) $ 261,000

Capital contribution                0        3,000              0      3,000

Net loss                            0            0       ( 39,000)  ( 39,000)
                              -------   ----------    -----------  --------- 
Balance, March 31, 1995         1,000    3,126,000     (2,902,000)   225,000

Capital contribution                0        1,000              0      1,000

Net loss                            0            0       (122,000)  (122,000)
                              -------  -----------    -----------  ---------  
Balance, March 31, 1996         1,000    3,127,000     (3,024,000)   104,000

Capital contribution                0        1,000              0      1,000

Net loss                            0            0        (23,000)  ( 23,000)
                              -------   ----------    -----------   --------
Balance, March 31, 1997       $ 1,000   $3,128,000    $(3,047,000)  $ 82,000

<FN>
The accompanying notes are an integral part of these statements. 
</TABLE>
<PAGE>
<TABLE>
                             JHM ACCEPTANCE CORPORATION
                              STATEMENTS OF CASH FLOWS
                 For the Years Ended March 31, 1997, 1996 and 1995

<CAPTION>
                                        1997            1996         1995                              
                                     ----------    ----------    ----------
<S>                                  <C>           <C>           <C>

CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss                             $  ( 23,000)   $ (122,000)  $  ( 39,000)
                                     -----------   -----------   -----------
Adjustments to reconcile net loss
  to net cash provided by
  operating activities:

Goodwill amortization                     22,000       121,000        36,000
Increase in due to affiliates             24,000        11,000        20,000
                                     -----------   -----------   -----------   
Total Adjustments                         46,000       132,000        56,000
                                     -----------   -----------   -----------
Net cash provided by operating
  activities                              23,000        10,000        17,000
                                     -----------   -----------   -----------
CASH FLOWS FROM FINANCING ACTIVITIES:

Capital contribution                 $     1,000   $     1,000   $     3,000
                                     -----------   -----------   -----------  
Net cash provided by financing
  activities                               1,000         1,000         3,000
                                     -----------   -----------   -----------
Net increase in cash                      24,000        11,000        20,000

Cash, beginning of period                211,000       200,000       180,000
                                     -----------   -----------   -----------
Cash, end of period                  $   235,000   $   211,000   $   200,000
<FN>
The accompanying notes are an integral part of these statements. 
</TABLE>
<PAGE>
                  
                             JHM ACCEPTANCE CORPORATION
                            NOTES TO FINANCIAL STATEMENTS
                            As of March 31, 1997 and 1996


Note 1. Organization

JHM Acceptance Corporation ("JMAC") was organized as a Delaware corporation
on March 31, 1986.  JMAC was organized for the purpose of issuing and selling
collateralized mortgage obligations ("CMOs" or "Bonds"), other notes and
obligations, and acquiring, owning, holding, and pledging Mortgage-Backed
Certificates guaranteed by the Government National Mortgage Association
("GNMA Certificates"), Guaranteed Mortgage Pass-Through Certificates issued
by the Federal National Mortgage Association ("FNMA Certificates"), Mortgage
Participation Certificates issued by the Federal Home Loan Mortgage Corporation
("FHLMC Certificates")--collectively, the "Mortgage Certificates," and
obligations of others that are secured by the types of instruments referred
to above, mortgages and other mortgage-related collateral.

Note 2. Basis of Presentation

As of March 31, 1989, JMAC had sold the residual cash flows for all
outstanding series of Bonds.  As a result, JMAC currently has no sources of
cash flow from operations.  All cash flows from the Mortgage Certificates are
restricted and must be paid first to the bondholders and then any excess (net
of expenses) is distributed to the residual interest holders.  JMAC has no
responsibility for expenses related to its remaining three Series A, C, and E
Bonds.

Based on guidance promulgated by the Emerging Issues Task Force Issue
No. 89-4, "Accounting for a Purchased Investment in a Collateralized-Mortgage
Obligation Instrument," JMAC has not consolidated the accounts of CMO
issuances in which the entire interest in future economic benefits has been
sold.

JMAC had been active in the issuance of arbitrage collateralized mortgage
obligations.  However, numerous other well-known national financing and
investment banking companies issue arbitrage collateralized-mortgage 
obligations.  In addition, the Federal National Mortgage Association and the
Federal Home Loan Mortgage Corporation have become the dominant issuers of
collateralized mortgage obligations.  These companies and agencies offer 
intense competition in the business, and many are much larger in size and have
greater financial resources than JMAC.  However, JMAC expects that it may issue
an additional series of Bonds.

Preparation of financial statements in conformity with generally accepted 
accounting principles requires management to make estimates and assumptions
that could affect the amounts represented in the financial statements and 
accompanying notes.  Actual results could differ from these estimates. 

<PAGE>
Note 3. Summary of Significant Accounting Policies

Goodwill

Goodwill represents the value attributed to the benefits of contracts for 
bond administration services.  An affiliate, also wholly owned by JCC, 
performs the servicing and records the related revenue.  Goodwill is 
amortized as the underlying collateral for each Series of Bonds pays down. 
The method adjusts goodwill amortization to reflect changes in prepayment 
speeds on the Mortgage Certificates.  

Income Taxes

In accordance with an informal tax-sharing plan, JMAC files a consolidated
tax return with its parent, JCC.  In accordance with the plan, JMAC receives
no benefit for net operating losses.  No significant timing differences exist
as of March 31, 1997.  No provision for taxes has been recorded for the years
ended March 31, 1997, and March 31, 1996, due to net operating losses.

Note 4.Transactions with Affiliates

JMAC has an administration agreement (the "Administration Agreement") with
JDS Financial Services Corporation ("JFSC"), a wholly owned subsidiary of
JCC.  Pursuant to the Administration Agreement, JFSC receives bond
administration fees for the three series of Bonds.  These fees are paid from
cash flows accruing to the holders of the residual interests.  No amounts 
were owed to or from JCC. Certain cash and amounts due to affiliates
represent funds held for payment of various series' expenses.

<PAGE>
Item 9.  Changes in and Disagreements with Accountants on Accounting and
             Financial Disclosure

Inapplicable.

<PAGE>
                                PART III


Item 10.  Directors and Executive Officers of the Registrant

The directors and executive officers of JMAC are as follows:

Stephen P. Gavula                     Chairman of the Board of Directors
                                      and Chief Executive Officer

Carole R. Parker                      Vice President, and Chief
                                      Financial and Accounting Officer

The ages and principal occupations, for at least the last five years, of the
persons named in the foregoing table are as follows:

STEPHEN P. GAVULA (47) has been Chairman of the Board of Directors and Chief
Executive Officer since February, 1988. He also serves in the same capacities
for JCC, JFSC and JHM Acceptance Corporation III ("JMAC III"). From August,
1987 through August,1994, Mr. Gavula served in similar capacities for JHM
Mortgage Capital Corporation ("JMCC").  Prior to February, 1988, Mr. Gavula
had been President and Chief Operating Officer of Oxford Mortgage Securities
Corporation ("OMSC"), Oxford Acceptance Corporation ("OAC"), Oxford Acceptance
Corporation III ("OAC III") and Oxford Acceptance Corporation IV ("OAC IV")
since their organization.  Mr. Gavula is a graduate of Fordham University.

CAROLE R. PARKER (55) has been Vice President of JMAC since April, 1988, and
Secretary and Chief Financial and Accounting Officer since April, 1997. She
also serves in the same capacity for JMAC III and as Vice President and
Secretary of JCC and JFSC.  From April, 1988 to April, 1997 she was Vice
President and Assistant Secretary of the above entities.  From August, 1987
through August, 1994, Mrs. Parker was Vice President and Assistant Secretary
of JMCC. Prior to April, 1988, Mrs. Parker was an officer of OMSC, OAC, OAC
III and OAC IV since their organization.

All directors and executive officers of JMAC will serve in their respective
positions until successors are chosen.

(d) Family relationships.  Inapplicable.

(f) Involvement in Certain Legal Proceedings.  Inapplicable.

(g) Promoter and Control Persons.  Inapplicable.

<PAGE>
Item 11.Executive Compensation

Directors and officers do not receive any remuneration from JMAC.  JMAC has
entered into an Administration Agreement with JFSC whereby JFSC will provide
management, administrative and investment services to JMAC.

Item 12. Security Ownership of Certain Beneficial Owners and Management

(a) Security Ownership of Certain Beneficial Owners; and,

(b) Security Ownership of Management

                   Name and Address         Amount and Nature of
Title of Class        of Owner              Beneficial Ownership    % of Class

Common Stock   JDS Capital Corporation          7 Shares                100%
               Executive Offices, Inc.
               42C Read's Way
               New Castle, Delaware  19720

(c) Changes in Control

On March 31, 1997, JCC redeemed a 31.25% ownership interest in the
outstanding equity interests of JCC.  As a result of this redemption,
Stephen P. Gavula is the owner of 100% of the outstanding equity interests
of JCC.  Prior to this redemption, Mr. Gavula owned 68.75% of the outstanding 
equity interests of JCC.

Item 13. Certain Relationships and Related Transactions

(a)  Transactions with Management and Others:

     Inapplicable.

(b)  Certain Business Relationships:

     Inapplicable.

(c)  Indebtedness of Management:

     Inapplicable.

(d)  Transactions with Promoters:

     Inapplicable.

<PAGE>
                                  PART IV


Item 14.Exhibits, Financial Statement Schedules and Reports on Form 8-K

(a)(1)  Financial Statements:

        See the index to Financial Statements on page 9 for a list of all
        financial statements filed as required by Item 8 of this report.

  (2)   Financial Statement Schedules:

        Financial Statement Schedules are omitted because the required
        information is inapplicable, or it is in the financial statements or
        notes thereto.

  (3)  Exhibits:

   3.1  Articles of Incorporation of Registrant (incorporated by reference to
        Exhibit 3(a) to Registrant's Registration Statement on Form S-11
        (No. 33-5924) filed with the Commission on May 23, 1986)

   3.2  By-laws of Registrant (incorporated by reference to Exhibit 3(b) to
        Registrant's Registration Statement on Form S-11 (No. 33-5924) filed
        with the Commission on May 23, 1986)

   3.3  Articles of Incorporation of Registrant (incorporated by reference to
        Exhibit 3(a) to Amendment No. 1 to Registrant's Registration
        Statement on Form S-11 (No. 33-5924) filed with the Commission on 
        February 2, 1987)

   3.4  Certificate of Articles of Amendment to the Articles of Incorporation
        of Registrant

   4.1  Form of Indenture between Registrant and Trustee (incorporated by 
        reference to Exhibit 4(a) to Registrant's Registration Statement on
        Form S-11 (No. 33-5924) filed with the Commission on May 23, 1986)

   4.2  Form of Indenture Supplement between Registrant and Trustee
        (incorporated by reference to Exhibit 4(b) to Registrant's 
        Registration Statement on Form S-11 (No. 33-5924) filed with the
        Commission on May 23, 1986)

   4.3  Form of Guaranty Agreement with Respect to Single-Family (Level Payment)
        Mortgage-Backed Certificates between Servicer and GNMA (incorporated
        by reference to Exhibit 4(c) to Registrant's Registration Statement
        on Form S-11 (No. 33-5924) filed with the Commission on May 23, 1986)

   4.4  Form of Guaranty Agreement with Respect to Graduated Payment Mortgage-
        Backed Certificates between Servicer and GNMA (incorporated by
        reference to Exhibit 4(d) to Registrant's Registration Statement on
        Form S-11 (No. 33-5924) filed with the Commission on May 23, 1986)
<PAGE>
   4.5  Form of Schedule of Subscribers and GNMA II Contractual Agreement
        (incorporated by reference to Exhibit 4(e) to Registrant's
        Registration Statement on Form S-11 (No. 33-5924) filed with the
        Commission on May 23, 1986)

   4.6  Trust Indenture of Federal National Mortgage Association and Sixth
        Supplemental Indenture thereto (incorporated by reference to Exhibit
        4(f) to Registrant's Registration Statement on Form S-11
        (No. 33-5924) filed with the Commission on May 23, 1986)

   4.7  Form of Mortgage Participation Certificate Agreement, Series 700
        (January 1985) (incorporated by reference to Exhibit 4(g) to
        Registrant's Registration Statement on Form S-11 (No. 33-5924) filed
        with the Commission on May 23, 1986)

   4.8  Form of VA Loan Guaranty Certificate (incorporated by reference to
        Exhibit 4(o) to Registrant's Registration Statement on Form S-11
        (No. 33-5924) filed with the Commission on May 23, 1986)

   4.9  Form of FHA Mortgage Insurance Certificate (incorporated by reference
        to Exhibit 4(p) to Registrant's Registration Statement on Form S-11
        (No. 33-5924) filed with the Commission on May 23, 1986)

   4.10 Form of Indenture between Registrant and Trustee (incorporated by
        reference to Exhibit 4(a) of Amendment No. 1 to Registrant's 
        Registration Statement on Form S-11 (No. 33-2416) filed with the
        Commission on February 2, 1987)

   4.11 Form of Indenture Supplement between Registrant and Trustee
        (incorporated by reference to Exhibit 4(b) of Amendment No. 1 to
        Registrant's Registration Statement on Form S-11 (No. 33-5924) filed
        with the Commission on February 2, 1987)

   4.12 Form of Master Servicing Agreement (incorporated by reference to
        Exhibit 4(i) of Amendment No. 1 to Registrant's Registration
        Statement on Form S-11 (No. 33-5924) filed with the Commission on 
        February 2, 1987)

   4.13 Indenture between the Registrant and Trustee, dated June 1, 1987 
        (incorporated by reference to Exhibit 4(a) to the Registrant's
        Current Report on Form 8-K dated June 30, 1987)

   4.14 Series A Supplement to the Indenture between the Registrant and
        Trustee, dated June 30, 1987 (incorporated by reference to Exhibit
        4(b) to the Registrant's Current Report on Form 8-K dated June 30,
        1987)

   4.15 Series B Supplement to the Indenture between the Registrant and
        Trustee, dated October 29, 1987 (incorporated by reference to Exhibit
        4(a) to the Registrant's September 30, 1987 Quarterly Report on Form
        10-Q)
<PAGE>
   4.16 Series C Supplement to the Indenture between the Registrant and
        Trustee, dated October 30, 1987 (incorporated by reference to Exhibit
        4(b) to the Registrant's September 30, 1987 Quarterly Report on Form
        10-Q)

   4.17 Series D Supplement to the Indenture between the Registrant and
        Trustee, dated March 30, 1989 (incorporated by reference to Exhibit
        4(b) to the Registrant's Current Report on Form 8-K dated September
        30, 1988)

   4.18 Series E Supplement to the Indenture between the Registrant and
        Trustee dated March 30, 1989 (incorporated by reference to Exhibit
        4(b) to the Registrant's Current Report on Form 8-K dated March 30,
        1989)

   4.19 Form of Servicing Agreement (incorporated by reference to Exhibit
        4(h) of Amendment No. 2 to Registrant's Registration Statement to 
        Form S-11 on Form S-3 (No. 33-21796) filed with the Commission on
        October 17, 1990)

   4.20 Form of Primary Mortgage Insurance Policy (incorporated by reference
        to Exhibit 4(j) of Amendment No. 2 to Registrant's Registration
        Statement to Form S-11 on Form S-3 (No. 33-21796) filed with the
        Commission on October 17, 1990)

   4.21 Form of Pool Insurance Policy (incorporated by reference to Exhibit
        4(k) of Amendment No. 2 to Registrant's Registration Statement to
        Form S-11 on Form S-3 (No. 33-21796) filed with the Commission on 
        October 17, 1990)

   4.22 Form of Standard Hazard Insurance Policy (incorporated by reference
        to Exhibit 4(l) of Amendment No. 2 to Registrant's Registration
        Statement to Form S-11 on Form S-3 (No. 33-21796) filed with the
        Commission on October 17, 1990)

   4.23 Form of Special Hazard Insurance Policy (incorporated by reference to
        Exhibit 4(m) of Amendment No. 2 to Registrant's Registration
        Statement to Form S-11 on Form S-3 (No. 33-21796) filed with the 
        Commission on October 17, 1990)

   4.24 Form of Mortgagor Bankruptcy Insurance (incorporated by reference to 
        Exhibit 4(n) of Amendment No. 2 to Registrant's Registration 
        Statement to Form S-11 on Form S-3 (No. 33-21796) filed with the
        Commission on October 17, 1990)

   4.25 Form of Funding Agreement, incorporated by reference from Exhibit
        4(q) of the Registration Statement on Form S-11 (File No. 33-5924)

   4.26 Form of Funding Agreement, incorporated by reference from Exhibit
        4(r) of the Registration Statement on Form S-11 (File No. 33-5924)
<PAGE>
   5.1  Opinion of Cadwalader, Wickersham & Taft with respect to the 
        securities being registered (incorporated by reference to Exhibit 5 
        of Amendment No. 2 to Registrant's Registration Statement to Form
        S-11 on Form S-3 (No. 33-21796) filed with the Commission on
        October 17, 1990)

   8.1 Opinion of Cadwalader, Wickersham & Taft with respect to certain tax
       matters (incorporated by reference to Exhibit 8 of Amendment No. 2 to
       Registrant's Registration Statement to Form S-11 on Form S-3 
       (No. 33-21796) filed with the Commission on October 17, 1990)

  10.1 Form of Administration Agreement between Registrant and Oxford 
       Mortgage Securities Corporation (incorporated by reference to Exhibit
       10(a) to Registrant's Registration Statement on Form S-11 
       (No. 33-5924) filed with the Commission on May 23, 1986)

  10.2 Form of Administration Agreement between Registrant and JHM Financial
       Services Corporation (incorporated by reference to Exhibit 10(a) to
       Registrant's Registration Statement on Form S-11 (No. 33-21796) filed
       with the Commission on May 9, 1988)

  26   Revised Statement of Eligibility and Qualification of Trustee
       (Form T-1), incorporated by reference from Exhibit 26 of the
       Registration Statement on Form S-11 (File No. 33-5924) 

(b)    JMAC filed no reports on Form 8-K during the quarter ended March 31,
       1996.


<PAGE>

                                 SIGNATURES


Pursuant to the requirements of Section 13 or 15(d) 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.

                           JHM ACCEPTANCE CORPORATION
                                   Registrant



June 25, 1997                          Stephen  P.  Gavula
Date                                   Stephen  P.  Gavula
                                       Chairman of the Board of Directors
                                       and Chief Executive Officer 
                                       

Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.





June 25, 1997                        Stephen  P.  Gavula
Date                                 Stephen  P.  Gavula
                                     Chairman of the Board of Directors
                                     and Chief Executive Officer





June 25, 1997                        Carole R. Parker
Date                                 Carole R. Parker
                                     Vice President and
                                     Chief Financial Officer