<PAGE>

                SECURITIES & EXCHANGE COMMISSION

                     WASHINGTON, D.C.   20549

                           FORM 10-Q

             QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
                  OF THE SECURITIES ACT OF 1934


 For Quarter Ended September 30, 1996      Commission File Numbers 33-76642

                    RAY ELLISON MORTGAGE ACCEPTANCE CORP.
                    _____________________________________


            Texas                                74-2337351
______________________________           ____________________________
(State or other jurisdiction  of         (IRS Employer Identification
incorporation  or  organization)             Number)

               70 N.E. Loop 410, Suite 545, San Antonio, Texas 78216
______________________________________________________________________
              (Address  of  Principal  Executive  Offices)

    Registrant's telephone number, including area code:(210) 342-1085

               4800 Fredericksburg Road, San Antonio, Texas 78229
______________________________________________________________________
   (Former name, former address, and former fiscal year, if changed
                                         since  last report)

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 filing
requirements for the past 90 days.
                      Yes /X/         No /  /

     Indicate the number of shares  outstanding of each of the issuer's  classes
of common stock, as of the latest practicable date.

          Class                          Outstanding at November 12, 1996
_________________________________        _______________________________
Common  Stock,  $1.00  par  value                10,000 shares

<PAGE>

                   RAY ELLISON MORTGAGE ACCEPTANCE CORP.

                         INDEX TO FORM 10-Q


                    Quarter Ended September 30, 1996



     Part I.   Financial Information
               ______________________

     Item 1.   Financial Statements

             Balance Sheets (Unaudited)
               September 30, 1996 and
               December 31, 1995                         4 of 17


             Statements of Operations (Unaudited)
               Three and six months ended
               September 30, 1996 and 1995               5 of 17

             Statements of Cash Flows (Unaudited)
               Three and six months ended
               September 30, 1996 and 1995               6 of 17

             Notes to Unaudited Financial Statements     7 of 17

     Item 2.   Management's Discussion and
               Analysis of Financial Condition
               and Results of Operation                 12 of 17


     Part 11.    Other Information

     Item 6.   Exhibits and Reports on Form 8-K         15 of 17


<PAGE>

     Item 1.   Financial Statements

               See next page.


<PAGE>
<TABLE>
RAY ELLISON MORTGAGE ACCEPTANCE CORP.

BALANCE SHEETS


<CAPTION>
                                     (UNAUDITED)
                                       September 30,        December 31,
                                            1996                1995
                                    ----------------------------------------
<S>                                    <C>                 <C>

ASSETS
  Cash                                 $     56,066        $     3,956
  Accrued interest receivable             2,580,676          2,617,251
  Underwriting fees and bond issuance
     expenses                            15,322,415         15,836,185
  Requisite funds on deposit                114,636            386,817
  Notes Receivable from affiliates        3,329,589          1,244,279
  Investment in GNMA securities         430,599,350        434,652,607
  Fair value adjustment                 (15,510,833)        21,860,016
  Less:  unamortized discount           (17,339,435)       (17,598,623)
                                       ------------       ------------
                                        397,749,082        438,914,000

  Deferred tax asset                        265,686                 -

                                       $419,418,150       $459,002,488
                                      =============       ============

LIABILITIES
  Accounts payable                           30,000             24,853
  Accrued interest                        2,506,063          2,579,568
  Bonds payable                         426,689,000        429,652,000
  Deferred tax liability                          -          7,048,980
                                       ------------       ------------
                                        429,225,063        439,305,401

STOCKHOLDER'S EQUITY (DEFICIT):
  Common Stock, $1.00 par value,
    10,000 shares authorized,
    issued and outstanding                   10,000             10,000
  Contributed capital                     2,069,569          1,911,003
  Unrealized gains (losses) on
    available-for-sale securities,
    net of tax                          (15,510,833)        14,427,611
  Retained earnings                       3,624,351          3,348,473
                                       ------------       ------------
                                         (9,806,913)        19,697,087

                                       $ 419,418,150      $459,002,488
                                       =============      ============
</TABLE>
<PAGE>
<TABLE>
RAY ELLISON MORTGAGE ACCEPTANCE CORP.

STATEMENT OF OPERATIONS (UNAUDITED)
<CAPTION>

                                                       Three Months Ended             Nine Months Ended
                                                          September 30,                 September 30,
                                                       1996            1995           1996           1995

                                             -------------------------------------------------------------
<S>                                              <C>             <C>           <C>            <C>

INCOME
      Interest income                            $7,757,900      $8,575,887    $22,965,559    $27,121,784
      Amortization of discount                      445,681         473,564      1,319,949      1,141,951
      Gain on sales of GNMA Securities               61,250       1,510,301      1,027,836      4,373,486

                                             -------------------------------------------------------------
                                                  8,264,831      10,559,752     25,313,344     32,637,221

EXPENSE
      Interest expense                            7,612,103       8,421,124     22,590,531     26,745,767
      Amortization of underwriting fees
      and bond issuance expenses                    411,138       1,582,938      1,889,555      3,994,945
      General and administrative                     59,193          45,985        281,075        365,049

                                             -------------------------------------------------------------
                                                  8,082,434      10,050,047     24,761,161     31,105,761


                                             -------------------------------------------------------------
      Income before taxes                           182,397         509,705        552,183      1,531,460

Income tax expense (benefit)                         59,582         103,980        276,305        384,354


                                             -------------------------------------------------------------
      Net Income                                   $122,815        $405,725       $275,878     $1,147,106
                                             =============================================================

</TABLE>
<PAGE>
<TABLE>
RAY ELLISON MORTGAGE ACCEPTANCE CORP.

STATEMENT OF CASH FLOWS (UNAUDITED)

<CAPTION>
                                                                      Nine Months Ended
                                                                         September 30
                                                                      1996           1995
                                                                ----------------------------
<S>                                                              <C>           <C>

OPERATING ACTIVITIES
   Net income (loss)                                                $275,878    $1,147,106
   Adjustments to reconcile net income (loss) to net cash
      used in operating activities:
      Income tax expense (benefit)                                   276,305       384,354
      Amortization of discount                                    (1,319,949)   (1,141,951)
      Amortization of underwriting fees and bond
          issuance expense                                         1,889,555     3,994,945
      (Gain)/Loss on sale of GNMA securities                      (1,027,836)   (4,373,486)
   Changes in operating assets and liabilities:
      Accrued interest receivable                                     36,575       337,751
      Accounts payable                                                 5,147       (47,243)
      Accrued interest payable                                       (73,505)     (160,029)
                                                                -------------   -----------
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES                   62,170       141,447


INVESTING ACTIVITIES
     Advances and notes with affiliate                            (2,085,310)     (693,931)
     Principal payments received on GNMA securities               28,320,238    21,356,398
     Purchase of GNMA securities                                 (35,685,120)  (56,859,571)
     Proceeds from sale of GNMA securities                        13,506,736    84,620,043
                                                                -------------   -----------
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES                4,056,544    48,422,939


FINANCING ACTIVITIES
     Decrease (increase) in requisite funds on deposit               272,181      (126,960)
     Increase in underwriting fees and bond issuance expenses     (1,375,785)   (1,538,975)
     Proceeds from sales of bonds                                 37,000,000    38,225,000
     Redemption of bonds payable                                 (39,963,000)  (83,103,000)
     Dividends paid                                                        -    (2,000,000)
                                                                -------------  ------------
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES               (4,066,604)  (48,543,935)
                                                                -------------  ------------

INCREASE (DECREASE) IN CASH                                           52,110        20,451
Cash at beginnning of year                                             3,956        51,523
                                                                -------------  ------------
                                     CASH  AT  SEPTEMBER 30          $56,066       $71,974
                                                                =============  ============

</TABLE>
<PAGE>


                Ray Ellison Mortgage Acceptance Corp.

               Notes to Unaudited Financial Statements

                      September 30, 1996 and 1995


1.   Significant Accounting Policies

Basis of Presentation

The accompanying unaudited financial statements have been prepared in accordance
with generally accepted accounting  principles for interim financial information
and  with the  instructions  to Form  10-Q and  Article  10 of  Regulation  S-X.
Accordingly,  they do not include all of the information and footnotes  required
by generally accepted accounting  principles for complete financial  statements.
In the opinion of management,  all adjustments  (consisting of normal  recurring
accruals)  considered  necessary  for a fair  presentation  have been  included.
Operating  results for the nine month  period ended  September  30, 1996 are not
necessarily  indicative  of the results  that may be expected for the year ended
December 31, 1996. For further  information refer to the consolidated  financial
statements and footnotes thereto included in the Company's annual report on Form
10-K for the year ended December 31, 1995.
2.   Bonds Payable

     The Company has filed six shelf registrations  authorizing a total issuance
of $1,600,000,000 in long-term bonds. The long-term bonds payable of the Company
are issued in series as follows:
<TABLE>
<CAPTION>

                    Face                             Bonds Outstanding
                  of Bonds    Interest  Maturity  December 31 September 30,
Series  Issued    at Issue     Date      Date        1995         1996
______  ______  ____________  ________  ________   __________  __________
<S>    <C>      <C>           <C>      <C>         <C>         <C>

1985A  02/27/85 $ 11,559,000  11.500%  03/28/2015  $   -       $   -
1985B  03/28/85   10,337,000  12.000%  04/28/2015      -           -
1985C  04/24/85   10,343,000  11.850%  12/28/2015      -           -
1985D  05/20/85   13,714,000  11.450%  07/28/2016      -           -
1985E  06/26/85   12,784,000  10.750%  08/28/2016      -           -
1985F  07/25/85   10,004,000  10.625%  09/28/2016      -           -
1985G  08/28/85    9,223,000  10.750%  10/28/2016      -           -
1985H  09/26/85    9,106,000  10.500%  11/28/2016      -           -
<PAGE>
                  Ray Ellison Mortgage Acceptance Corp.

                 Notes to Unaudited Financial Statements

                      September 30, 1996 and 1995


2.  Bonds Payable continued

                    Face                             Bonds Outstanding
                  of Bonds    Interest  Maturity   December 31 September 30,
Series  Issued    at Issue     Date      Date        1995          1996
______  ______    ________    ________  _________  ______________________
1985I  10/24/85   11,753,000  10.875%  12/28/2016      -           -
1985J  11/26/85    8,720,000  10.400%  01/28/2017      -           -
1985K  12/26/85    8,923,000  10.250%  02/28/2017      -           -
1986A  01/28/86    9,380,000   9.750%  03/28/2017      -           -
1986B  02/27/86   19,512,000   9.750%  04/28/2017      -           -
1986C  03/26/86    9,204,000   9.375%  05/28/2017      -           -
1986D  04/23/86    9,989,000   8.500%  06/28/2017      -           -
1986E  06/26/86   10,650,000   9.250%  08/28/2017      -           -
1986F  07/24/86   20,600,000   9.000%  09/28/2017      -           -
1986G  08/28/86   20,990,000   9.000%  10/28/2017      -           -
1986H  09/25/86   14,153,000   8.625%  11/28/2017      -           -
1986I  11/25/86   10,002,000   8.625%  01/28/2018      -           -
1986J  12/30/86    9,390,000   8.250%  02/28/2018      -           -
1987A  07/30/87   17,500,000   9.000%  09/28/2018      -           -
1987B  08/27/87   18,000,000   9.000%  10/28/2018      -           -
1987C  09/30/87   10,000,000   9.500%  11/28/2018      -           -
1987D  10/29/87   15,000,000   9.750%  12/31/2018      -           -
1987E  11/25/87   16,000,000  10.000%  01/31/2019      -           -
1987F  11/25/87   16,655,000   9.500%  01/31/2019      -           -
1988A  01/27/88   15,000,000   9.500%  03/31/2019      -           -
1988B  02/25/88   13,925,000   9.000%  04/30/2019      -           -
1988C  02/25/88   10,000,000   8.500%  04/30/2019      -           -
1988D  03/30/88   14,950,000   8.750%  05/31/2019      -           -
1988E  05/26/88   18,000,000   9.125%  07/31/2019      -           -
1988F  06/23/88   33,000,000   9.375%  08/31/2019      -           -
1988G  06/23/88   14,000,000   9.450%  08/31/2019      -           -
1988H  07/28/88   15,000,000   9.125%  09/30/2019      -           -
1988I  08/25/88   25,000,000   9.375%  10/31/2019      -           -
<PAGE>

                Ray Ellison Mortgage Acceptance Corp.

                 Notes to Unaudited Financial Statements

                      September 30, 1996 and 1995
                         


2.  Bonds Payable continued



                    Face                             Bonds Outstanding
                  of Bonds    Interest  Maturity   December 31  September 30,
Series  Issued    at Issue     Date      Date        1995          1996
______  ______    __________  ________ __________  ___________ __________
1988J  08/25/88   22,000,000   9.200%  10/31/2019      -           -
1988K  09/29/88   17,000,000   9.150%  11/30/2019      -           -
1988L  10/27/88   20,000,000   9.100%  12/31/2019      -           -
1988M  11/23/88   30,000,000   9.000%  01/31/2020      -           -
1989A  01/25/89   22,000,000   9.500%  03/31/2020      -           -
1989B  01/25/89   17,000,000   9.600%  03/31/2020      -           -
1990A  05/24/90    5,000,000   9.500%  05/31/2021      -           -
1990B  08/30/90   15,150,000   9.000%  08/31/2021      -           -
1990C  09/27/90   10,000,000   9.100%  09/30/2021      -           -
1990D  09/27/90   10,000,000   9.000%  09/30/2021      -           -
1990E  10/25/90   10,000,000   9.150%  10/31/2021      -           -
1990F  10/25/90   14,500,000   9.050%  10/31/2021      -           -
1990G  11/21/90   15,000,000   9.000%  11/30/2021      -           -
1990H  12/27/90    8,000,000   8.500%  12/31/2021      -           -
1991A  02/21/91    9,000,000   8.100%  02/28/2022      -           -
1991B  03/28/91    5,000,000   8.100%  03/31/2022      -           -
1991C  04/25/91    6,000,000   8.150%  04/30/2022      -           -
1991D  05/30/91   12,650,000   8.150%  05/31/2022      -           -
1991E  06/27/91   28,500,000   8.500%  06/30/2022      -           -
1991F  07/25/91   18,000,000   8.450%  07/31/2022      -           -
1991G  08/29/91   18,000,000   8.000%  08/31/2022      -           -
1991H  09/26/91   14,000,000   7.875%  09/30/2022      -           -
1991I  11/27/91   13,000,000   7.500%  11/30/2022   8,929,000      -
1991J  12/23/91    7,000,000   7.500%  12/31/2022   4,237,000      -
1992A  03/26/92   21,000,000   7.250%  03/31/2023  14,664,000  13,673,000 
1992B  04/23/92    6,500,000   7.400%  04/30/2023   4,841,000   4,357,000
1992C  05/28/92   17,500,000   7.600%  05/31/2023  12,272,000  10,761,000
1992D  06/25/92   24,000,000   7.400%  06/30/2023  18,397,000  16,588,000
<PAGE>

                  Ray Ellison Mortgage Acceptance Corp.

                 Notes to Unaudited Financial Statements

                      September 30, 1996 and 1995
                      


2.  Bonds Payable continued


                    Face                             Bonds Outstanding
                  of Bonds    Interest  Maturity   December 31 September 30,
Series  Issued    at Issue     Date      Date        1995         1996
______  ______    __________  ________ __________  ___________ __________
1992E  07/30/92   19,000,000   7.150%  07/31/2023  12,082,000  11,186,000
1992F  08/27/92    8,000,000   6.600%  08/31/2023   5,144,000   4,807,000
1992G  11/25/92   47,250,000   7.000%  11/30/2023  40,479,000  38,334,000
1992H  12/23/92   23,600,000   7.100%  12/31/2023  20,347,000  19,246,000
1992I  12/23/92   14,300,000   7.050%  12/31/2023  11,864,000  11,510,000
1993A  01/28/93   24,000,000   7.000%  01/31/2024  20,812,000  19,155,000
1993B  12/22/93   21,000,000   6.000%  12/31/2024  20,515,000  20,068,000
1994A  01/27/94   15,000,000   6.000%  01/31/2025  14,669,000  13,659,000
1994B  02/24/94   13,000,000   6.000%  02/28/2025  12,724,000  12,105,000
1994C  03/24/94   10,000,000   6.500%  03/31/2025   9,818,000   9,577,000
1994D  05/26/94   19,500,000   7.400%  05/31/2025  18,254,000  17,192,000
1994E  05/26/94   13,950.000   7.500%  05/31/2025  13,184,000  12,548,000
1994F  06/23/94   16,000,000   7.300%  06/30/2025  15,028,000  14,218,000
1994G  07/28/94   16,500,000   7.125%  07/31/2025  15,397,000  14,490,000
1994H  07/28/94   24,150,000   7.500%  07/31/2025  23,363,000  22,265,000
1994I  08/25/94   16,050,000   7.500%  08/31/2025  15,002,000  14,077,000
1994J  09/29/94   18,600,000   7.500%  09/30/2025  17,472,000  16,656,000
1994K  11/23/94   15,000,000   8.000%  11/30/2025  14,020,000  12,594,000
1994L  12/28/94   15,000,000   8.100%  12/31/2025  14,124,000  12,667,000
1994M  12/28/94   16,500,000   8.000%  12/31/2025  14,757,000  13,322,000
1995A  02/23/95    8,000,000   8.000%  02/28/2026   7,805,000   7,018,000
1995B  03/30/95   21,000,000   7.500%  03/31/2026  20,339,000  18,860,000
1995C  05/25/95    9,225,000   7.100%  05/31/2026   9,113,000   8,888,000
1996A  04/25/96   12,500,000   7.000%  04/30/2027           0  12,428,000
1996B  05/30/96   15,500,000   7.000%  05/31/2027           0  15,442,000
1996C  09/30/96    9,000,000   7.100%  09/30/2027           0   9,000,000  
               _____________                      ___________ ___________
               1,359,791,000                      429,652,000 426,689,000
               =============                      =========== ===========
</TABLE>
<PAGE>


                  Ray Ellison Mortgage Acceptance Corp.

                 Notes to Unaudited Financial Statements

                      September 30, 1996 and 1995
                      



2.  Bonds payable continued


     The remaining bonds may be redeemed at the option of the Company,  in whole
or in part,  at any time  after the fourth  anniversary  of their  issuance.  To
ensure  sufficient  funds  to meet  debt  service  requirements,  the  Indenture
provides for redemption if the payments to be made on the GNMA  securities  will
be less than the debt service requirements.  The amounts of bonds to be redeemed
are  dependent  on a number  of  factors  such as:  1)  prepayments  on the GNMA
securities, 2) interest earned on requisite funds, 3) deposit or substitution of
collateral  in lieu of bond  redemption  , and 4)  requests  for  redemption  by
bondholders.  In all redemptions  described  above, the redemption price will be
100% of the principal  amount of the bonds to be redeemed plus interest  accrued
to the date of redemption.
<PAGE>

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



                        Quarter ended September 30, 1996


     As of September 30, 1996,  the Company has completed the issuance of ninety
Series of its  GNMA-Collateralized  Bonds (Bonds). Each Series of Bonds has been
assigned a bond rating of AAA by Standard & Poors Ratings Groups.  Proceeds from
the sale of each Series of Bonds have been used by the Company to purchase  GNMA
(Government National Mortgage Association) securities from affiliated companies.
The GNMA  securities  purchased are pledged as collateral for one or more Series
of the Company's Bonds.

     From time to time, the Company has substituted or deposited additional GNMA
securities to below-market  Bond Series in accordance with the Indentures  under
which the Bonds are issued.  Management  anticipates  that such  substitution or
deposit  of  additional   GNMA  securities  in  these  Bond  Series  will  defer
redemptions in the Bond series affected.

     Additionally,  from time to time the Company has  substituted  or withdrawn
GNMA securities securing above-market Bond Series to the extent permitted by the
Indentures.  Management  anticipates  that such  substitutions or withdrawals of
GNMA securities will accelerate redemptions in the Bond Series affected.

As of  September  30,  1996 the Company  has  exercised  its option to redeem 60
Series of Its  GNMA-Collateralized  Bonds (Series 1985A  through  1991J).  These
calls produced  significant gains for the Company. The Company has exercised its
option to redeem  GNMA-Collateralized  Bonds  Series  whenever  the Series  were
callable  and the  interest  rate on the  series  was above the  current  market
interest rate.  Management  anticipates  calling any above-market  interest rate
Bond Series at the  earliest  date  permitted  under the  respective  prospectus
supplement for such Bonds Series.


     The Company  anticipates  that receipts from the GNMA  securities  securing
each outstanding  series of Bonds together with reinvestment  income thereon and
funds  available in any reserve funds which may be established  for such series,
will  be  adequate  to  meet  the  Company's  cash  flow   requirements  to  pay
administrative  expenses  and the  principal  of and  interest on each series of
Bonds as they become due. The Company does not have, nor does management  expect
that the  Company  will  have,  any  significant  source of cash flow other that
capital  contributions  from its parent and/or  advances from its affiliates and
receipts on  collateral  securing  Bonds which have been or may be issued by the
Company.

     Because  each  series of  outstanding  Bonds is secured by GNMA  securities
paying  interest and  principal at specified  rates backed by existing  pools of
mortgage loans,  and because payment on outstanding  Bonds issued by the Company
are at fixed interest rates, management does not expect that changes in economic
factors will significantly  affect the Company's ability to meet its obligations
as they come due.

     In May 1993 the Financial  Accounting  Standards Board issued  Statement of
Financial  Accounting  Standards No. 115, "Accounting for Certain Investments in
Debt and Equity Securities, "effective for fiscal years beginning after December
15, 1993. The Company adopted the provisions of the new standard for investments
held as of or  acquired  after  January  1,  1994.  Under  the new  rules,  debt
securities  that the Company  does not have the  positive  intent and ability to
hold to maturity are carried at fair value.  Unrealized holding gains and losses
on  securities  classified  as  available-for-sale  are  carried  as a  separate
component of shareholders' equity.

     The Company wishes to emphasize that due to the nature of its business, the
GNMA securities carried as available-for-sale collateralize  GNMA-collateralized
bonds, and the securities are not salable before the bonds are callable, at some
future  date.  In  addition,  the  market  value of GNMA  securities  fluctuates
significantly as interest rates change; therefore, the market values of the GNMA
securities as of the future  redemption  dates may vary  significantly  from the
current date, and the realization of the unrealized  gains is not assured.  When
market is such that the value of GNMA  securities is less than  amortized  cost,
the  Company  has the  expectation  that  they  would  be held  to  maturity  as
collateral for the related GNMA- collateralized Bonds, or until the market value
increases,  whichever  is  sooner,  and  the  Company  would  not  realized  any
unrealized losses.  Thus, no tax benefit is recognized for unrealized losses for
the Company's investment in GNMA's.
<PAGE>


    Part II. Other Information


    Item 1.  Legal Proceedings
                    NONE

     Item 2.  Change in Securities
                    NONE

     Item 3.  Defaults Upon Senior Securities
                    NONE

     Item 4.  Submission of Matters to Vote of Security Holders
                    NONE

     Item 5.  Other Information
                    NONE

     Item 6.   Exhibits and Reports on Form 8K

     (a)  Report on Form 8K for item 2- See  Report  dated  September 30, 1996
                for Purchase of securities and issuance of 1996C
<PAGE>



Signatures:


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


               RAY ELLISON MORTGAGE ACCEPTANCE CORP.
                           (Registrant)



               /s/ Locksley Simmons
               ____________________________________
               Locksley Simmons
               Vice President and Chief Financial Officer


               DATE:  November 14, 1996


<PAGE>
Exhibit Index

EX-3.1 Articles of Incorporation of the Registrant as originally filed. (1)

EX-3.2  Bylaws of the  Registrant  as  currently  in effect.  (5)

EX-4.1 Form of Indenture  between the  Registrant  and Trustee  (containing
       Form of Bond). (4)

EX-4.2 Form of Series Supplement(2)

EX-4.3 Form of Guaranty  Agreement for GNMA I Program ("Summary of Guaranty
       Agreement". (3) EX-4.4 Form of Guaranty Agreement for GNMA II Program
       ("Schedule of Subscribers and GNMA II Contractual Agreement"). (4)

*EX-27 Financial Data Schedule

     (1) Previously  filed with the Commission as an exhibit to the Registrant's
         Form S-11  Registration  Statement  (File No.  2-93624)on  October 4,
         1984,  and incorporated by reference herein.

     (2)  Previously filed with the Commission as an exhibit to the
          Post-Effective Amendment No. 1 to the Registrant's Form S-11
          Registration Statement (File No. 2-93624) on February 14, 1985,
          and incorporated by reference herein.

     (3)  Previously filed with the Commission as an exhibit to Amendment
          No. 1 to the Registrant's Form S-11 Registration Statemnt (File
          No. 2-93624) on January 11, 1985, and incorporated by reference
          herein.

     (4)  Previously filed with the Commission as an exhibit to the
          Registrant's Form S-11 Registration Statement (File
          No. 33-48368)on June 4, 1992, and incorporated by reference herein.

     (5)  Previously filed with the Commission as an exhibit to the
          Registrant's Form 10-Q for the quarter ended June 30, 1995, and
          incorporated by reference herein.