10-Q/A

============================================================================

                     SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C. 20549


                                 FORM  10-Q/A-1

[ X ]    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                            EXCHANGE ACT OF 1934

              For the quarterly period ended September 30, 1994

                                     OR

[   ]
      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                            EXCHANGE ACT OF 1934

                        Commission File Number 1-9977

                  HOMEPLEX MORTGAGE INVESTMENTS CORPORATION
           (Exact Name of Registrant as Specified in Its Charter)



               Maryland                                     86-0611231
           (State or Other Jurisdiction)                  (I.R.S.Employer
         of Incorporation or Organization)               Identification No.)

     5333 North 7th Street,Suite 219                           85014
        Phoenix, Arizona                                    (Zip Code)
     (Address of Principal Executive Offices)

                               (602) 265-8541
             (Registrant's Telephone Number,Including Area Code)

                               Not Applicable
             Former Name,Former Address and Former Fiscal Year,
                        if Changed Since Last Report.




Indicate by check mark 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 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  /   / .

As of November 9, 1994;  9,716,517 shares of Homeplex Mortgage Investments
Corporation common stock were outstanding.

============================================================================



ITEM 5.   Other Information

          This Amendment to Form 10-Q is submitted for the purpose of inclusion
          of Exhibit 27 for the period ending September 39, 1994.

ITEM 6.   Exhibits and Reports on Form 8-K

          (a)  Exhibits 27 -- Financial Data Schedule

          (b)  Reports on Form 8-K - None



                  HOMEPLEX MORTGAGE INVESTMENTS CORPORATION


                                 SIGNATURES

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


               HOMEPLEX MORTGAGE INVESTMENTS CORPORATION




November 14, 1994                       By        JAY R. HOFFMAN
- -----------------                          ---------------------------------
                                            Jay R. Hoffman, Vice President,
                                              Treasurer, Chief Financial
                                             and a Duly Authorized Officer
     

EX-27

 

<ARTICLE>                                                                     5

<MULTIPLIER>                                                              1,000
<CURRENCY>                                                         U.S. DOLLARS
<FISCAL-YEAR-END>                                                   DEC-31-1994
<PERIOD-START>                                                      JUL-01-1994
<PERIOD-END>                                                        SEP-30-1994
<PERIOD-TYPE>                                                             QTR-3
<EXCHANGE-RATE>                                                               1
<CASH>                                                                   11,024
<SECURITIES>                                                                  0
<RECEIVABLES>                                                                 0
<ALLOWANCES>                                                                  0
<INVENTORY>                                                                   0
<CURRENT-ASSETS>                                                              0
<PP&E>                                                                        0
<DEPRECIATION>                                                                0
<TOTAL-ASSETS>                                                           35,159
<CURRENT-LIABILITIES>                                                     1,232
<BONDS>                                                                  12,927
<COMMON>                                                                     99
<PREFERRED-MANDATORY>                                                         0
<PREFERRED>                                                                   0
<OTHER-SE>                                                               20,901
<TOTAL-LIABILITY-AND-EQUITY>                                             35,159
<SALES>                                                                       0
<TOTAL-REVENUES>                                                          1,059
<CGS>                                                                         0
<TOTAL-COSTS>                                                                 0
<OTHER-EXPENSES>                                                            336
<LOSS-PROVISION>                                                              0
<INTEREST-EXPENSE>                                                          314
<INCOME-PRETAX>                                                             409
<INCOME-TAX>                                                                  0
<INCOME-CONTINUING>                                                           0
<DISCONTINUED>                                                                0
<EXTRAORDINARY>                                                               0
<CHANGES>                                                                     0
<NET-INCOME>                                                                409
<EPS-PRIMARY>                                                              0.04
<EPS-DILUTED>                                                              0.04