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, 1996
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, Richmond, Virginia
(Address of principal executive offices)

23219
(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, 1996

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, 1995, as filed March 28, 1996.

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:  _______________________________________
                         John Thomas West, IV
                         Secretary/Treasurer
                         Principal financial officer and                       
                         duly authorized officer
Date:          August 7, 1996                     

     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, 1996    December 31, 1995
                                                              (unaudited)
ASSETS
  Cash                                                962                 8,586
  Trading securities, at market value             238,016               235,292
  Restricted cash and investments -
    Series 1985-A working capital 
     reserve at market value                      773,423               828,314
Loans receivable from affiliates               17,328,606            21,242,798
  Accrued interest receivable
    from affiliates                               487,367             1,194,907
  Other assets                                     18,749                23,763

               TOTAL ASSETS                    18,847,123            23,533,660

LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES
     Bonds payable                             17,328,606            21,242,798
     Accrued interest payable                     487,367             1,194,907
     Other liabilities, principally to            798,645               864,405

         TOTAL LIABILITIES                     18,614,618            23,302,110

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                             47,545                   46,590

    SHAREHOLDERS' EQUITY                       232,505                  231,550

                TOTAL LIABILITIES AND
                 SHAREHOLDERS'              18,847,123              23,533,660

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,
                              1996      1995           1996        1995
                                (unaudited)       (unaudited)
REVENUES
  Interest on loans       $487,367   $810,898     $1,583,847  $2,574,462
  Other interest             3,578      3,580         11,643       9,328
  Management fees           19,476     22,813         60,146      73,803
  Net unrealized 
     securities              3,345      2,653        (1,740)       8,195

                           513,766    839,944      1,653,896   2,665,788

COSTS AND EXPENSES
  Interest on bonds       487,367     810,898     1,583,847    2,574,462
  Management fees         19,476       22,813       60,146        73,803
  Other                   3,075         2,586       8,948          8,174

                          509,918     836,297     1,652,941    2,656,439

NET INCOME 
  BEFORE INCOME 
   TAXES                  3,848          3,647        955        9,349
 
INCOME TAX 
EXPENSE                     0            738           0         1,883
                            
NET INCOME                3,848        2,909          955        7,466

RETAINED EARNINGS AT
  BEGINNING OF 
   PERIOD               43,697        38,373       46,590        34,186
                               
RETAINED EARNINGS AT
  END OF PERIOD         $47,545      $41,282      $47,545       $41,652

EARNINGS  
  PER SHARE             $1.61          $1.21        $0.40         $3.12


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

Statements of Cash Flows
NATIONAL MORTGAGE ACCEPTANCE CORPORATION

                                    Nine Months Ended  Nine Months Ended
                                    September 30, 1996  September 30, 1995
                                                  (unaudited)
Cash flows from operating activities:
     Net income                         $      955        $          7,466
     Adjustments to reconcile net
          income to net cash provided 
          by (used for) operating activities:
     Net unrealized securities trading
          gains                             (1,740)                (8,195)
     Cash and related investments 
     restricted - Series 1985-A
     Working capital reserve                 54,891                 (30,590)
    Accrued interest receivable
     from affiliates                        707,540                  914,181
     Decrease in accrued interest
          payable                          (707,540)                (920,321)
     Interest added to Class A-4 
       and C-5 bonds payable                      0                  112,699
    Trading securities                        (984)                      934
    Other assets                               5,014                  13,315
    Other liabilities, principally
     to affiliates                             (65,760)               13,421
      
           Total adjustments                  (8,579)                 95,444

   Net cash provided by (used for)
    operating activities                      (7,624)                102,910
      
Cash flows from investing activities:
  Payments received on loans to
  affiliates                                3,914,192              6,491,920

Cash flows from financing activities:
Payments on bonds payable                 (3,914,192)            (6,598,479)
      
Net decrease in cash                          (7,624)                (3,649)

Cash at beginning of period                  8,586                     7,174
Cash at end of period                  $      962                  $   3,525

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

APPENDIX A (4/4)

                               NOTES TO FINANCIAL STATEMENTS

NATIONAL MORTGAGE ACCEPTANCE CORPORATION 

September 30, 1996


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, 1995.  
The financial statements for the nine months ended September 30, 1996, 
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, 1996

     During the second quarter ended September 30, 1996, 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 month period ending September 30, 1996, NMAC revenues were 
$1,653,896 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 three outstanding Bonds Series (Series 1985-A Bonds, 
Series BBonds (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, from one or more
subsequent series of NMAC's Bonds, when and if issued, from mortgage 
collateral acquired by NMAC and pledged to secure any subsequent series 
of NMAC's Bonds, and from amounts  received in excess of costs incurred 
by NMAC in the issuance of subsequent series of NMAC's Bonds.  At this 
time, management does not intend to issue any new series of bonds.  

NMAC has caused an election to be made under the Internal Revenue Code 
of 1986, as amended (the "Code"), to have the Trust Estates for the Series B 
Bonds and the Series D Bonds taxed as separate real estate mortgage 
investment conduits (each, a "REMIC"), in which the Series B Bonds 
and the Series D Bonds are "regular interests," as defined in the Code, 
with respect to the related REMIC.  Other than its on-going fees for 
administration of the Series B and the Series D Bond REMICs, NMAC has 
no future economic benefit in the segregated asset pool comprising either 
the Series B Bond REMIC or the Series D Bond REMIC.  The "residual
interest" in each of the Series B Bond and Series D Bond REMICs was 
sold by NMAC for cash in 1987.  Accordingly, neither the collateral 
for the Series B Bonds or the Series D Bonds nor the Series B Bonds or 
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 B Bonds will be recorded only within the Series B Bond 
REMIC and 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 either of these REMIC Series 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 B and 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 B
and 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 B REMIC and 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 Financial Asset 
Management Corporation ("FAMC") (formerly M.D.C. Consulting, Inc.).  
Amounts due FAMC 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 September 19, 1996, Craigie Incorported agreed to purchase 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, 1996, NMAC's assets were $ 18,847,123 including 
$ 238,978 in unrestricted cash and trading securities.  This cash 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.