FORM 10-Q

Securities and Exchange Commission
Washington, D. C.  20549

Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934

For Quarter Ended: March 31, 1998
Commission File Numbers:  2-97573, 33-12626 and 33-19023


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

        Virginia                 54-1294217
(State or other Jurisdiction    (I.R.S. Employer
	of incorporation)	Identification number)

823 East Main Street
P.O. Box 1854
Richmond, Virginia
(Address of principal executive offices)

23218
(Zip Code)

(804) 775-7904
(Registrant's telephone number, including area code)


	Indicate by checkmark 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 of time 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   


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

		Class A Common Stock:		730 shares
		Class B Common Stock:		1,665 shares

<PAGE>

Part I:	FINANCIAL INFORMATION

March 31, 1998
Item 1.	Financial Statements

		Attached as Appendix A.

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

		Attached as Appendix B.

Part II:	OTHER INFORMATION

Item 1.	Legal Proceedings - None

Item 2.	Changes in Securities - None

Item 3.	Defaults on Senior Securities - None

Item 4.	Submission of Matters to Vote of Security Holders - 
Information regarding election of directors by the 
registrant's voting shareholders previously reported 
in registrant's report on Form 10-K for its year 
ending December 31, 1997, as filed March 27, 
1998.

Item 5.	Other Information - None

Item 6.	Exhibits and Reports on Form 8-K - None

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.

NATIONAL MORTGAGE ACCEPTANCE CORPORATION
				(Registrant)
				By:  
	______________________________________________
					Randall B. Saufley
					Secretary/Treasurer
					Principal financial officer and 
					duly authorized officer

Date:		May 7, 1998
<PAGE>
EXHIBIT INDEX

2.	Not Applicable.

4.1	Indenture dated as of May 1, 1985 ("Indenture") between 
NMAC and Texas Commerce Bank National Association 
as trustee ("Trustee"), previously filed as Exhibit 4.1 to 
Amendment No. 1 to NMAC's Registration Statement on 
Form S-11, Registration No. 2-97573 and incorporated by 
reference.

4.2	General Supplement relating to Subsequent Series dated as 
of January 1, 1987, previously filed as Exhibit to NMAC's 
Form 8-K filed on February 10, 1985, and incorporated by 
reference.

4.3	Series Supplement to the Indenture, dated as of July 1, 
1985, relating to Series 1985-A Bonds, previously filed as 
Exhibit 4 to NMAC's Form 8-K filed on July 23, 1985, and 
incorporated by reference.

4.4	Series Supplement to the Indenture, dated as of January 20, 
1987, relating to Series B Bonds, previously filed as 
Exhibit 4.3 to NMAC's Form 8-K filed on February 10, 
1987, and incorporated by reference.

4.5	Series Supplement to the Indenture, dated as of March 20, 
1987, relating to Series C Bonds, previously filed as 
Exhibit 4.3 to NMAC's Form 8-K filed on April 8, 1987, 
and incorporated by reference.

4.6	Series Supplement to the Indenture, dated as of October 30, 
1987, relating to Series D Bonds, previously filed as 
Exhibit 4.3 to NMAC's form 8-K filed on November 12, 
1987, and incorporated by reference.

4.7	Form of Second General Supplement to Indenture relating 
to Subsequent Series previously filed as Exhibit 4.4 to 
NMAC's Post-Effective Amendment No. 1 on Form S-3 to 
S-11 Registration No. 33-19023 and incorporated by 
reference.

11.	Not applicable.  Information in Appendix A.

15.	Not applicable.

18.	Not applicable.

19.	Not applicable.

20.	Not applicable.

23.	Not applicable.

24.	Not applicable.

25.	Not applicable.

28.	Not applicable.
<PAGE>
Statements of Financial Condition                                              
NATIONAL MORTGAGE ACCEPTANCE CORPORATION                              


                                  March 31, 1998     December 31, 1997

                                   (unaudited) 
ASSETS
Cash                                        844                 1,255         
Trading securities, at fair value       250,985               245,564         
Restricted cash and investments - 
  Series 1985-A working capital
  reserve, at fair value                 57,159                56,457         
Loans receivable from affiliates     12,512,178            13,894,203         
Accrued interest receivable 
   from affiliates                      351,905               781,549         
Other assets                             13,778                19,246 
        TOTAL ASSETS                 13,186,849            14,998,274        



LIABILITIES AND SHAREHOLDERS' EQUITY  
                                                                            
LIABILITIES
Bonds payable                        12,512,178            13,894,203       
Accrued interest payable                351,905               781,549        
Other liabilities, principally
   to affiliates                         86,043                87,709
               
           TOTAL LIABILITIES         12,950,126            14,763,461


SHAREHOLDERS' EQUITY
  Common stock; $1 par value:
    Class A (without right to
    dividend) authorized 7,500
    shares, issued and outstanding
    730 shares                              730                  730
    Class B (non-voting)--
    authorized 7,500 shares,
    issued and outstanding
    1,665 shares                          1,665                1,665
  Paid-in capital                       182,565              182,565
  Retained earnings                      51,763               49,853

                 SHAREHOLDERS' EQUITY   236,723              234,813

             TOTAL LIABILITIES AND
               SHAREHOLDERS EQUITY   13,186,849           14,998,274

The accompanying notes are an integral part of these financial statements.
<PAGE>
Statements of Operations and Retained Earnings			
						
									
NATIONAL MORTGAGE ACCEPTANCE CORPORATION	
		
									
									
					Three Months Ended		
					March 31,	March 31,	
					   1998		   1997
					       (unaudited)
REVENUES								
	
  Interest on loans                  $  351,905        $   437,642
  Other interest                          3,015              2,584
  Management fees                        16,244             16,244
  Net unrealized securities 
    trading gains                         2,428              2,755
									
                                        373,592            459,225
									
COSTS AND EXPENSES						
			
  Interest on bonds                     351,905            437,642
  Management fees                        16,244             16,244
  Other                                   3,053              3,312
									
                                        371,202            457,198
									
									
									
NET INCOME					
 BEFORE INCOME TAXES                      2,390              2,027
 									
INCOME TAX EXPENSE                          480                  0
									
									
NET INCOME (LOSS)                         1,910              2,027
									
RETAINED EARNINGS AT				
  BEGINNING OF PERIOD                    49,853             43,380
									
RETAINED EARNINGS AT					
        END OF PERIOD           $        51,763         $   45,407   
							
EARNINGS (LOSS) PER SHARE       $          0.80         $     0.85
									
  The accompanying notes are an integral part of these financial statements.
<PAGE>                 

Statements of Cash Flows					
					
NATIONAL MORTGAGE ACCEPTANCE CORPORATION	
		
					
                           Three Months Ended       Three Months Ended
                             March 31, 1998           March 31, 1997
                                           (unaudited)               
Cash flows from
operating activities:
  Net income (loss)             $  1,910            $       2,027 
  Adjustments to reconcile
   net income to net cash
   provided by (used for)
   operating activities:                              
    Trading securities            (5,421)                  (5,286) 
    Cash and related
     investments restricted
     - Series 1985-A
     Working capital
     reserve                        (702)                    (557)
    Accrued interest
    receivable from
    affiliates                   429,644                  537,092
     Decrease in accrued
     interest payable           (429,644)                (537,092) 
    Other assets                   5,468                    7,968 
    Other liabilities,
    principally to
    affiliates                    (1,666)                  (2,160)
      					
        Total adjustments         (2,321)                     (35) 
					
   Net cash provided by
   (used for)operating
   activities                       (411)                   1,992
      					
Cash flows from investing
activities:
  Payments received on
  loans to affiliates          1,382,025                1,768,003 
					
					
Cash flows from financing
activities:
  Payments on bonds payable   (1,382,025)              (1,768,003) 
      					
Net increase (decrease)
in cash                             (411)                   1,992
                                   
Cash at beginning of period        1,255                    3,229 
      					
Cash at end of period           $    844                $   5,221 
      					
The accompanying notes are an integral part of these financial 
statements.
<PAGE>

APPENDIX A (4/4)

NOTES TO FINANCIAL STATEMENTS

NATIONAL MORTGAGE ACCEPTANCE CORPORATION 

March 31, 1998


NOTE A (Unaudited)

	These financial statements should be read in conjunction 
with the financial statements and notes thereto in National 
Mortgage Acceptance Corporation's ("NMAC") Annual Report for 
the year ended December 31, 1997.  The financial statements for 
the three months ended March 31, 1998, include all adjustments 
(consisting only of normal recurring adjustments) necessary for a 
fair presentation of the results of operations, financial position,
and cash flows for the interim periods.  These amounts are not 
necessarily indicative of results for a full year.

	
<PAGE>
APPENDIX   B
TO FORM 10-Q

Management's Discussion and Analysis of Financial Condition 
and Results of Operations
 
NATIONAL MORTGAGE ACCEPTANCE CORPORATION

March 31, 1998

	During the first quarter ended March 31, 1998, National 
Mortgage Acceptance Corporation ("NMAC") did not issue any 
new series of its TIMCO (Thrift Industry Mortgage Collateralized 
Obligation) or Mortgage Collateralized Obligation Bonds.

	During the three(3) month period ending March 31, 1998, 
NMAC revenues were $373,592 which consisted primarily of i) 
interest on loans receivable under funding agreements between 
NMAC and the participating borrowers for NMAC's TIMCO 
Bonds, Series 1985-A (FHLMC Certificates) (the "Series 1985-A 
Bonds") and ii) Management Fees received for the on-going 
administration of two outstanding Bonds Series; Series 1985-A 
Bonds, (FHLMC Certificates),  and Series D Bonds (GNMA 
Certificates).  Future revenues are expected to be provided from 
interest payments on funding agreements for the Series A Bonds.  

	NMAC has caused an election to be made under the 
Internal Revenue Code of 1986, as amended (the "Code"), to have 
the Trust Estate for the Series D Bonds taxed as a separate real 
estate mortgage investment conduit (a "REMIC"), in which the 
Series D Bonds are "regular interests," as defined in the Code,
with respect to the REMIC.  Other than its on-going fees for 
administration of the Series D Bond REMIC, NMAC has no future 
economic benefit in the segregated asset pool comprising of the 
Series D Bond REMIC.  The "residual interest" in the Series D 
Bond REMICs was sold by NMAC for cash in 1987.  Accordingly, 
neither the collateral for the Series D Bonds nor the Series D 
Bonds are recorded as assets or liabilities, respectively, of NMAC.  
The interest income on the collateral for, and the related interest 
expense on, the Series D Bonds will be recorded only within the 
Series D Bond REMIC.  Neither the interest income nor the related 
interest expense on REMIC will have an impact on NMAC's 
financial statements.

	Interest on NMAC's outstanding Series 1985-A Bonds was 
the major source of costs and expenses for the period.  Cash flow 
from payments on the loans receivable securing the Series 1985-A 
Bonds are anticipated to provide cash sufficient to make all 
required payments on the related 1985-A Bonds. Consequently, 
NMAC anticipates that it will have no additional cash requirements 
with respect to any of its outstanding Bonds.

	NMAC believes sufficient liquidity and capital resources 
exist to pay all amounts due on the Series 1985-A Bonds and all 
other expenses of NMAC.  Furthermore, because each Series of 
Bonds is secured by collateral paying interest at specified or 
determinable maximum rates and payments on each Series of 
Bonds are designed not to exceed payments received on the 
collateral for the related Series, inflationary pressures have not 
affected, and are not expected to affect, significantly the ability
of NMAC to meet its obligations as they become due.
<PAGE>
	NMAC has no salaried employees and has entered into 
management and administrative service agreements with Craigie  
Incorporated ("Craigie"), an affiliate of NMAC and a wholly-
owned subsidiary of BB&T Corporation, pursuant to which 
Craigie provides NMAC with administrative, accounting and 
clerical services, office space and the use of the service mark 
"TIMCO" for the registrant's Bonds.  Under these agreements, 
Craigie receives fees from NMAC in connection with each funding 
agreement executed between NMAC and the participating 
borrowers and with respect to the residual interests with respect
to the registrant's Series D Bonds.  Fees paid to NMAC by 
participating borrowers with respect to its Series A Bonds and the 
holders of the residual interest with respect to its Series D Bonds 
are expected by NMAC to be sufficient to provide for all on-going 
costs and expenses with respect to the outstanding Series of its 
Bonds.  NMAC therefore anticipates that it will have no additional 
cash or liquidity requirements with respect to its obligations under 
any outstanding Series of its Bonds.  Payments under the 
management and administrative services agreements between 
NMAC and Craigie are not expected to exceed the amount 
received by NMAC as on-going fees paid to it by participating 
borrowers under their funding agreements and/or holders of the 
residual interest with respect to the series D REMIC Bonds. Texas 
Commerce Bank National Association, trustee for all outstanding 
Series of NMAC's Bonds, also holds funds in expense reserve 
accounts established under the Series Supplements for certain of 
NMAC's outstanding Bonds to provide for future expenses of the 
Trustee with respect to the related Series Supplement if other funds 
are insufficient therefore.  Such amounts are held under the 
respective Series Supplements and are not recorded in the financial 
statements for NMAC.

	The Series 1985-A Working Capital Reserve, established 
by NMAC with respect to its Series 1985-A Bonds, is funded by 
the Series 1985-A participating borrowers from their funding 
agreements.  These amounts are available solely to pay any fees, 
charges, taxes, assessments, impositions or other expenses of 
NMAC, other than bond administration expenses, in connection 
with the Series 1985-A Bonds.  The Series 1985-A  Working 
Capital Reserve is not available to pay expenses or claims of 
NMAC other than with respect to the Series 1985-A Bonds, is not 
pledged to secure the Series 1985-A Bonds and is not pledged to 
secure any other Series of NMAC's Bonds.

	With respect to certain of its administration duties for the 
Series D REMIC, NMAC has contracted with Asset Investors, Inc. 
(formerly Financial Asset Management Corporation and M.D.C. 
Consulting, Inc.).  Amounts due Asset Investors, Inc. for services 
rendered are paid from amounts received by NMAC for 
administrative services from holders of the Series D REMIC 
residual interest and are less than the gross amount payable by such 
holders to NMAC.

	On November 12, 1996 Craigie Incorporated purchased 
from the Federal Deposit Insurance Corporation ("FDIC") the 
stock of three of the affiliates who participated in the Series 1985-
A Bonds.  The affiliates were Atlantic Financing Corporation, 
Security Federal Financing Corporation and Mountain Financial 
Corporation.  In addition, the parent company of Craigie 
Incorporated, BB&T Corporation, purchased Life Federal Saving 
Bank on March 1, 1998 which owns a fourth affiliate of NMAC 
named Life Capital.
<PAGE>
	As of March 31, 1998, NMAC's assets were $13,186,849 
including $251,829 in unrestricted cash and trading securities.  
This cash and security balance, plus interest earnings from the 
investment thereof, is available to pay NMAC's annual operating 
expenses, and, if and to the extent necessary, amounts in 
connection with the outstanding Bonds of NMAC.