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, 2000
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)

909 East Main Street
P.O. Box 1575
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

June 30, 2000
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, 1999, as filed March 31, 2000.  There were no other matters
 submitted to a vote of security holders during the quarter.

Item 5.	Other Information - None

Item 6.	Exhibits and Reports on Form 8-K - There were no reports on Form 8-K
 filed during the
		quarter.  Exhibits - See index to exhibits.

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:		August 8, 2000




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.
26. 	Not applicable.




APPENDIX A (1/4)

Consolidated Statements of Financial Condition

NATIONAL MORTGAGE ACCEPTANCE CORPORATION


				 June 30, 2000     December 31, 1999
                		 (unaudited)
ASSETS
  Cash          		$	20,802        $19,308
  Trading securities, at fair value
		 			79,158 	      151,645
  Loans receivable from affiliates
				     7,410,044      8,484,012
  Accrued interest receivable
    from affiliates
  				       416,815        477,226
  Other assets			       165,711        104,713

         TOTAL ASSETS	            $ 8,092,530 $   9,236,904



LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES

     Bonds payable                 $ 7,410,044 $   8,484,012
     Accrued interest payable
				       416,815       477,226
     Other liabilities, principally to affiliates
					46,264        38,714

	  TOTAL LIABILITIES 	     7,873,123     8,999,952

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
                        	        34,447        51,992

          SHAREHOLDERS' EQUITY
     				       219,407       236,952
          TOTAL LIABILITIES AND
          SHAREHOLDERS' EQUITY
             		            $8,092,530   $ 9,236,904

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





Consolidated Statements of Operations and Retained Earnings

NATIONAL MORTGAGE ACCEPTANCE CORPORATION


				Three Months Ended   Six Months Ended
					June 30,		June 30,
				  2000     1999		2000    1999
		               (unaudited) 		(unaudited)

REVENUES
 Interest on loans 	$        208,408 $277,418	$416,815 $554,836
  Other interest		     915    3,050 	   2,937    7,642
  Management fees		  15,136   11,947 	  29,924   30,691
  Net unrealized securities trading gains
				   4,559    5,524         (7,390)   1,075

				 229,018  297,939 	 442,286  594,244
COSTS AND EXPENSES
 Interest on bonds		 208,408  277,418 	 416,815  554,836
  Management fees		  15,136   11,947 	  29,924   30,691
  Other				   4,322    4,391 	  17,517    8,592
	 		       	 227,866  293,756 	 464,256  594,119

NET INCOME/(LOSS)
 BEFORE INCOME TAXES	 	   1,152    4,183 	 (21,970)     125

INCOME TAX EXPENSE/(BENEFIT)
				     223      840 	  (4,426)      25
NET INCOME (LOSS)
				     929    3,343 	 (17,545)     100
RETAINED EARNINGS AT
  BEGINNING OF PERIOD		  33,518   50,251 	  51,992   53,494

RETAINED EARNINGS AT
  END OF PERIOD		       $  34,447 $ 53,594 	$ 34,447 $ 53,594

EARNINGS (LOSS) PER SHARE
  			       $    0.39 $   1.40 	$  (7.33)$   0.04

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




Consolidated Statements of Cash Flows

NATIONAL MORTGAGE ACCEPTANCE CORPORATION

				Six Months Ended	 Six Months Ended
			       June 30, 2000		  June 30, 1999
 						(unaudited)
Cash flows from operating activities:

  Net income (loss) 		$	(17,545)	$     100

  Adjustments to reconcile net
   income to net cash provided by
   operating activities:

Trading securities			  72,487 	   16,247

    Cash and related investments
     restricted - Series 1985-A
     Working capital reserve			0	     (157)

    Accrued interest receivable
     from affiliates			   60,411 	    69,810

     Decrease in accrued interest payable
					  (60,411)	   (69,810)
    Other assets
					  (60,998)	     1,279

    Other liabilities, principally
     to affiliates			  7,550 	   (5,108)

      Total adjustments			 19,039 	   12,261

   Net cash provided by
    operating activities		  1,494 	   12,361

Cash flows from investing activities:
  Payments received on loans to
   Affiliates			    1,073,968 		1,241,058

Cash flows from financing activities:
  Payments on bonds payable
				   (1,073,968)         (1,241,058)

Net increase in cash		        1,494 	           12,361

Cash at beginning of period
				       19,308 		   11,289

Cash at end of period		$      20,802     $        23,650


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





APPENDIX A (4/4)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NATIONAL MORTGAGE ACCEPTANCE CORPORATION

June 30, 2000


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, 1999.  The financial
 statements for the six months ended June 30, 2000, 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

NOTE B (New Accounting Pronouncements)

During 1998, the FASB issued SFAS No. 133, Accounting for Derivative
 Instruments and Hedging Activities.  This statement replaces existing
pronouncements and practices with a single, integrated accounting framework
 for derivatives and hedging activities requiring companies to formally
 document, designate, and assess the effectiveness of transactions that
 receive hedge accounting.  During 1999, the FASB issued SFAS No. 137,
 which deferred the effective date of SFAS No. 133 to fiscal years beginning
 after June 15, 2000.  Management believes there will be no material effect
on the financial statements from the adoption of the pronouncement.

APPENDIX   B
TO FORM 10-Q

Management's Discussion and Analysis of Financial Condition and Results of
 Operations

NATIONAL MORTGAGE ACCEPTANCE CORPORATION

June 30, 2000

	During the quarter ended June 30, 2000, 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 (6) month period ending, June 30, 2000, NMAC revenues
 were $442,286 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 Bond Series: Series 1985-A Bonds, (FHLMC Certificates),
 and Series D Bonds (GNMA Certificates).  Future revenues are expecte
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.

	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

	NMAC has no salaried employees and has entered into management and
 administrative service agreements with Scott & Stringfellow, Inc. (formerly
Craigie Incorporated), an affiliate of NMAC and a wholly-owned subsidiary of
 BB&T Corporation, pursuant to which Scott & Stringfellow, Inc. (S&S, Inc.)
 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, S&S, Inc. receives fees from NMAC in conneement
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
ith respect to its obligations under any outstanding Series of its Bonds.
 Payments under the management and administrative services agreements
between NMAC and S&S, Inc. 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
 acc

	The Series 1985-A Working Capital Reserve, established by NMAC with
 respect to its Series 1985-A Bonds, was funded by the Series 1985-A
 participating borrowers from their funding agreements.  These amounts
 were 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 re

	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 Scott & Stringfellow, Inc. (Craigie Incorporated
 at time of purchase) 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 comp

	On September 17, 1999, NMAC offered to subscribe to 1,000 shares
 of the Common Stock ("Stock") of National Mortgage Securities Corporation
 ("NMSC") and agreed, in consideration therefor, to transfer cash in the
 amount of $10,000 to NMSC.  NMAC also represented that the Stock would
 be held for investment and not for the purpose of distribution or resale.
  NMAC transferred cash in December 1999 and recorded an investment in
 subsidiary on its books. This investment is included in "Other Assets"
 on the Balance
 .

NMSC was formed to purchase or otherwise acquire, own, hold, pledge,
 finance, transfer, assign and otherwise deal in or with mortgage assets
(including mortgage loans), mortgage-backed securities, asset-backed
 securities, mortgage collateralized obligations, other interests in
 real estate, and any combination of the foregoing, including, but not
limited to, (1) mortgage assets secured by senior or subordinate liens
 on residential property, (2) participation interests in mortgage assets,
(3) pass-through, mo

	As of June 30, 2000, NMAC's assets were $8,092,530 including
 $99,960 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.