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: September 30, 1997
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

Part I:	FINANCIAL INFORMATION

September 30, 1997
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, 1996, as filed March 26, 1997.

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:		November 10, 1997

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.

Statements of Financial Condition

NATIONAL MORTGAGE ACCEPTANCE CORPORATION



                                     September 30, 1997  December 31, 1996

                                          (unaudited)
ASSETS
  Cash                                           1,784              3,229
  Trading securities, at market value          241,572            236,711
  Restricted cash and investments -
    Series 1985-A working capital reserv        55,685             53,665
  Loans receivable from affiliates          13,894,203         17,328,606
  Accrued interest receivable
    from affiliates                            390,774            974,734
  Other assets                                  13,289             20,751

                     TOTAL ASSETS           14,597,307         18,617,696


LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES
     Bonds payable                          13,894,203         17,328,606
     Accrued interest payable                  390,774            974,734
     Other liabilities, principally to a        78,075             86,016

                     TOTAL LIABILITIES      14,363,052         18,389,356


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                             49,295             43,380

                     SHAREHOLDERS' EQUIT       234,255            228,340

                     TOTAL LIABILITIES AND
                      SHAREHOLDERS'         14,597,307         18,617,696

The accompanying notes are an integral part of these financial statements.


Statements of Operations and Retained Earnings

NATIONAL MORTGAGE ACCEPTANCE CORPORATION





                         Three Months Ended  Nine Months Ended
                         September 30,       September 30,
                           1997      1996     1997       1996

                            (unaudited)         (unaudited)
REVENUES
  Interest on loans     $390,774  $487,367   1,266,058 $ 1,583,847
  Other interest           2,858     3,578       8,818      11,643
  Management fees         16,250    19,476      49,478      60,146
  Net unrealized
  securities trading
  gains                    2,136     3,345       6,632      (1,740)

                         412,018   513,766   1,330,986   1,653,896

COSTS AND EXPENSES
  Interest on bonds      390,774   487,367   1,266,058   1,583,847
  Management fees         16,250    19,476      49,478      60,146
  Other                    3,062     3,075       9,535       8,948

                         410,086   509,918   1,325,071   1,652,941



NET INCOME (LOSS)
  BEFORE INCOME TAXES      1,932     3,848       5,915         955
 
INCOME TAX EXPENSE
(BENEFIT)                      0         0           0          0
                         

NET INCOME (LOSS)          1,932     3,848       5,915        955

RETAINED EARNINGS AT
  BEGINNING OF PERIOD     47,363    43,697      43,380     46,590
                            

RETAINED EARNINGS AT
  END OF PERIOD         $ 49,295  $ 47,545    $ 49,295  $  47,545


EARNINGS (LOSS) PER
SHARE                   $   0.81  $   1.61    $   2.47  $    0.40

    The accompanying notes are an integral part of these financial
    statements.

Statements of Cash Flows

NATIONAL MORTGAGE ACCEPTANCE CORPORATION



                                      Nine Months Ending
                            September 30, 1997   September 30, 1996

                                          (unaudited)
Cash flows from operating
activities:
  Net income (loss)             $       5,915             $        955
  Adjustments to reconcile net
   income to net cash provided
   by (use operating activities:
    Net unrealized securitie           (6,632)                  (1,740)
    Cash and related investments 
     restricted - Series 1985-A
     Working capital reserve           (2,020)                  54,891
    Accrued interest receivable
     from affiliates                  583,960                  707,540
     Decrease in accrued interest
     payable                         (583,960)                (707,540)
    Trading securities                  1,771                     (984)
    Other assets                        7,462                    5,014
    Other liabilities, principally
     to affiliates                     (7,941)                 (65,760)
      
           Total adjustments           (7,360)                  (8,579)

   Net cash provided used for
    operating activities               (1,445)                  (7,624)
      
Cash flows from investing activities:
  Payments received on loans to
   affiliates                       3,434,403                3,914,192


Cash flows from financing activities:
  Payments on bonds payable        (3,434,403)              (3,914,192)
      
Net decrease in cash                   (1,445)                  (7,624)

Cash at beginning of period             3,229                    8,586
      
Cash at end of period            $      1,784           $          962
      


NOTES TO FINANCIAL STATEMENTS

NATIONAL MORTGAGE ACCEPTANCE CORPORATION 

September 30, 1997


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, 1996.  The financial statements
        for the nine months ended September 30, 1997, 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.

	

APPENDIX   B
TO FORM 10-Q

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

September 30, 1997

	During the third quarter ended September 30, 1997, 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 nine(9) month period ending September 30, 1997,
        NMAC revenues were $1,330,986 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.

	NMAC has no salaried employees and has entered into management
        and administrative service agreements with Craigie  Incorporated
        ("Craigie"), an affiliate of NMAC, 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.

	As of September 30, 1997, NMAC's assets were $14,597,307
        including $243,356 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.