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): March 25, 2003

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

                 (State or other Jurisdiction of Incorporation)

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

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

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

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

Item 5. Other Events

     On March 24, 2003,  American  Mortgage  Acceptance  Company  entered into a
five-year, 30-day London Inter-Bank Offer Rate ("LIBOR") interest rate swap with
a notional  amount of $30 million.  The annual fixed interest rate payable by us
on this swap is 3.48%.

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

(a).    Financial Statements

        Not Applicable

(b).    Pro Forma Financial Information

        Not Applicable

(c).    Exhibits

        Not Applicable


Pursuant to the  requirements  of the  Securities  and Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                                 American Mortgage Acceptance Company

                                 BY:  /s/ Stuart J. Boesky
                                      Stuart J. Boesky

March 25, 2003