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: June 30,1998
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

June 30,1998
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 - Inform-
ation 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:		July 31, 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 Regist-
ration Statement on Form S-11, Registration No. 2-97573 and incor-
porated 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>
Appendix A (1/4)       
Statements of Financial Condition

NATIONAL MORTGAGE ACCEPTANCE CORPORATION

                                   June 30, 1998     December 31, 1997
                                    (unaudited)
                                   
ASSETS
  Cash                              $    13,791         $     1,255
  Trading securities, at fair       
     value                              228,118             245,564
  Restricted cash & investments-
     Series 1985-A working
     capital reserve, at fair value      57,783              56,457
  Loans receivable from affiliates   12,512,178          13,894,203
  Accrued interest receivable           
     from affiliates                    703,810             781,549
  Other Assets                           17,572              19,246
                                   ------------        ------------
        TOTAL ASSETS                $13,533,252         $14,998,274

LIABILITIES AND SHAREHOLDERS'
  EQUITY

LIABILITIES
  Bonds payable                     $12,512,178         $13,894,203
  Accrued interest payable              703,810             781,549
  Other liabilities, principally
     to affiliates                       82,020              87,709
                                   ------------        ------------
        TOTAL LIABILITIES           $13,298,008         $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                      50,284              49,853
                                   ------------        ------------
        SHAREHOLDER EQUITY          $   235,244         $   234,813

     TOTAL LIABILITIES AND
      SHAREHOLDER EQUITY            $13,533,252         $14,998,274


The accompanying notes are an integral part of these financial state-
ments.
<PAGE>

Appendix A (2/4)
Statements of Operations and Retained Earnings
NATIONAL MORTGAGE ACCEPTANCE CORPORATION


                             Three Months Ended        Six Months Ended
                                 June 30,                   June 30,
                              1998        1997         1998        1997
                                (unaudited)               (unaudited)
REVENUES

 Interest on loans        $351,905    $437,642     $703,810    $875,284
 Other interest              5,550       3,376        8,565       5,960
 Management fees            15,328      16,984       31,572      33,228
 Net unrealized securites
   trading gains            (3,343)      1,741         (915)      4,496
                          --------    --------     --------    --------
                           369,440     459,743      743,032     918,968

COSTS AND EXPENSES         
 Interest on bonds         351,905     437,642      703,810     875,284 
 Management fees            15,328      16,984       31,572      33,228
 Other                       4,061       3,161        7,114       6,473
                          --------    --------     --------    --------
                           371,294     457,787      742,496     914,985

NET INCOME BEFORE
  INCOME TAXES              (1,854)      1,956          536       3,983

INCOME TAX EXPENSE            (375)          0          105           0

NET INCOME (LOSS)           (1,479)      1,956          431       3,983

RETAINED EARNINGS AT
  BEGINNING OF PERIOD       51,763      45,407       49,853      43,380

RETAINED EARNINGS AT
  END OF PERIOD             50,284      47,363       50,284      47,363
                          --------    --------     --------    --------
                          --------    --------     --------    --------

EARNINGS (LOSS) PER SHARE $  (0.62)   $   0.82     $   0.18    $   1.66



The accompanying notes are an integral part of these financial state-
ments.
<PAGE>

APPENDIX A (3/4)

Statement of Cash Flows
NATIONAL MORTGAGE ACCEPTANCE CORPORATION

                                               Six Months Ended
                                       June 30, 1998    June 30, 1997
                                                 (unaudited)

Cash flows from operating activities:

 Net income (loss)                     $         431    $       3,983
 Adjustments to reconcile net income
   to net cash provided by (used for)
   operating activities:
   Trading securities                         17,446               85
   Cash & related investments
   restricted - Series 1985-A
   Working capital reserve                    (1,326)          (1,279)
 Accrued interest receivable from
   affiliates                                 77,739           99,450
   Decrease in accrued interest
    payable                                  (77,739)         (99,450)
 Other assets                                  1,674            2,234
 Other liabilities, principally to
   affiliates                                 (5,689)          (5,955)
                                       -------------    -------------
      Total adjustments                       12,105           (4,915)

 Net cash provided by (used for)
  operating activities                        12,536             (932)

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               12,536             (932)

Cash at beginning of period                    1,255            3,229
                                       -------------    -------------

Cash at end of period                         13,791            2,297




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



APPENDIX A (4/4)

NOTES TO FINANCIAL STATEMENTS

NATIONAL MORTGAGE ACCEPTANCE CORPORATION 

June 30,1998


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 six months ended
June 30, 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

June 30, 1998

	During the quarter ended June 30, 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 six (6) month period ending, June 30, 1998, NMAC
revenues were $743,032 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.
Chase Bank of Texas, N.A., 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.
Effective June 30, 1998, Atlantic Financing and Security Federal
were merged into Mountain Financial Corporation. In addition, the
parent company of Craigie Incorporated, BB&T Corporation, purchased
Life Savings Bank on March 1, 1998 which owns a fourth affiliate
of NMAC named Life Capital Corporation.
<PAGE>
	As of June 30, 1998, NMAC's assets were $13,533,252 including
$241,909 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.