8-K

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15 (d) OF THE

                       SECURITIES AND EXCHANGE ACT OF 1934

         Date of Report (Date of Earliest Event Reported): July 17, 2003
                                                           -------------

                      American Mortgage Acceptance Company
                      ------------------------------------
               (Exact Name of Registrant as Specified in Charter)

                                  Massachusetts
                                  -------------
                 (State or other Jurisdiction of Incorporation)


             0-23972                           13-6972380
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    (Commission File Number)      (IRS Employer Identification Number)

                     625 Madison Avenue, New York, NY 10022
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                    (Address of Principal Executive Offices)

       Registrant's telephone number, including area code: (212) 421-5333
                                                           --------------

                                 Not Applicable
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          (Former Name or Former Address, if Changed Since Last Report





     Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits
              ------------------------------------------------------------------

     (a).    Financial Statements

             Not Applicable

     (b).    Pro Forma Financial Information

             Not Applicable

     (c).    Exhibits

     99.1    Press release of the registrant, dated July 17, 2003.



     Item 12. Results of Operations and Financial Condition
              ---------------------------------------------

     On July 17, 2003, American Mortgage Acceptance Company ("AMAC" or the
"Company") (AMEX: AMC) released a press release stating that it has revised its
second quarter and full-year earnings guidance for 2003. A copy of this press
release is attached to this Current Report as Exhibit 99.1 and incorporated
herein by reference.

     The information included in this Current Report, including the information
included in Exhibit 99.1 attached hereto, is intended to be furnished pursuant
to "Item 12. Disclosure of Results of Operations and Financial Condition" and
not be deemed to be "filed" for the purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by
reference in any filing under the Securities Act of 1933, as amended
("Securities Act") or the Exchange Act, or otherwise subject to the liabilities
of that Section or Sections 11 and 12(a)(2) of the Securities Act.





                                   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 hereunto duly authorized.





                               AMERICAN MORTGAGE ACCEPTANCE COMPANY


                               By:  /s/  Stuart J. Boesky
                                  -----------------------
                                  Name:  Stuart J. Boesky
                                  Title: President




Date: August 6, 2003





                                  Exhibit Index



       Exhibit Number  Description
       --------------  -----------

            99.1       Press release, dated July 17, 2003

EX-99

                                                                    Exhibit 99.1


             AMERICAN MORTGAGE ACCEPTANCE COMPANY REVISES FINANCIAL
                      GUIDANCE FOR SECOND QUARTER AND YEAR


NEW YORK, NY - July 17, 2003 - American Mortgage Acceptance Company ("AMAC" or
the "Company") (AMEX: AMC) today stated that it has revised its second quarter
and full-year earnings guidance for 2003.

AMAC has revised its second quarter earnings estimate to $0.32-$0.33 per share,
which is lower than the Company's initial guidance of $0.37 per share for the
quarter ended June 30, 2003. AMAC has also revised its full-year estimate to
$1.58-$1.60 per share, from the Company's initial guidance of $1.65-$1.70 per
share.

AMAC's revised earnings guidance is based upon its expectation that it will not
receive interest on four mezzanine loans that are currently in default. The
mezzanine loans have an aggregate principal amount of $10.5 million, which
comprises approximately 4% of the Company's total assets. The Company adds that
it is taking steps to preserve its investment in these loans and believes that
it is adequately collateralized and does not expect to experience a loss of
principal. More information will be provided on its upcoming conference call to
discuss second quarter financial results.

Although the declaration of dividends is subject to the continued discretion of
AMAC's Board of Trustees, the inability to collect interest on these loans will
not affect the Company's ability to continue to pay a quarterly dividend at a
rate equal to the most recently declared dividend of $0.40 per share.

About the Company

AMAC is a real estate investment trust that specializes in multifamily housing
finance. AMAC originates and acquires mezzanine loans, bridge loans, and
government-insured first mortgages secured by multifamily housing properties
throughout the United States. For more information, please visit our website at
www.americanmortgageco.com or contact the Shareholder Services Department
directly at (800) 831-4826.

Certain statements in this press release may constitute forward-looking
statements within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. These statements are based on
management's current expectations and beliefs and are subject to a number of
risks and uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. Such forward-looking
statements speak only as of the date of this press release. AMAC expressly
disclaims any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to reflect any
change in AMAC's expectations with regard thereto or change in events,
conditions, or circumstances on which any such statement is based.


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