EXHIBIT 10.3.1.

                             FIRST OMNIBUS AMENDMENT

      THIS FIRST OMNIBUS AMENDMENT (this "Amendment"), dated as of December 10,
2004, is entered into by and among CALYON NEW YORK BRANCH (successor in interest
to Credit Lyonnais New York Branch) (together with its successors and assigns,
"Calyon New York"), as the Administrative Agent and as a Bank, DEUTSCHE BANK
NATIONAL TRUST COMPANY (together with its successors and assigns, "Deutsche
Bank"), as Collateral Agent, AMERICAN HOME MORTGAGE CORP. ("AHMC"), as the
Servicer, an Originator and a Seller, AHM SPV I, LLC, as the Borrower and the
Buyer, and AMERICAN HOME MORTGAGE SERVICING, INC. ("AHMS") (formerly known as
Columbia National, Incorporated), as an Originator and a Seller. Capitalized
terms used and not otherwise defined herein are used as defined in the related
Operative Documents (as defined below).


                                    RECITALS

      WHEREAS, AHMC and AHMS, as Sellers, and AHM SPV I, LLC, as the Buyer,
entered into that certain Master Repurchase Agreement and Addendum to the Master
Repurchase Agreement incorporated therein, dated as of August 8, 2003 (as the
same may be amended, restated, supplemented or modified from time to time, the
"Repurchase Agreement");

      WHEREAS, the Borrower, the Administrative Agent, the Servicer and the
Collateral Agent entered into that certain Collateral Agency Agreement, dated as
of August 8, 2003 (as the same may be amended, restated, supplemented or
modified from time to time, the "Collateral Agency Agreement");

      WHEREAS, the Borrower, the Servicer, La Fayette Asset Securitization LLC,
as an Issuer, and Calyon New York, as a Bank and as Administrative Agent,
entered into that certain Loan Agreement dated as of August 8, 2003 (as the same
may be amended, restated, supplemented or modified from time to time, the "Loan
Agreement" and, collectively with the Repurchase Agreement and the Collateral
Agency Agreement, the "Operative Documents");

      WHEREAS, the parties hereto that are parties to the Operative Documents
desire to amend the Operative Documents as hereinafter set forth in this
Amendment;

      NOW, THEREFORE, the parties agree as follows with respect to the Operative
Documents to which each party hereto is a party:


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      Section 1. Amendments to the Loan Agreement.

      (a) The definition of "Annual Extension Date" in Section 1.1 of the Loan
Agreement is hereby amended by deleting the words "August 6, 2004" in clause (i)
thereof and replacing them with the words "August 5, 2005".

      (b) Section 1.1 of the Loan Agreement is hereby amended by adding the
following definition of "Adjusted Consolidated Funded Debt" immediately after
the definition of "Accepted Servicing Standards":

            "Adjusted Consolidated Funded Debt" means, on any date of
            determination, the sum of (a) the Consolidated Funded Debt of
            American Home Mortgage Investment Corp. and any other Person which
            would be reflected on the consolidated balance sheet of American
            Home Mortgage Investment Corp. prepared in accordance with GAAP if
            such balance sheet were prepared as of such date of determination,
            less (b) 50% of any Subordinated Debt, less (c) the mortgage debt
            associated with the building and the land located at 538 Broadhollow
            Road, Melville, New York. "Subordinated Debt" means the Debt of
            American Home Mortgage Investment Corp. and its Subsidiaries
            subordinated to the Obligations in the manner and to the extent
            required by the Bank of America, N.A., as administrative agent under
            the Credit Agreement, pursuant to written subordination agreements
            satisfactory in form and substance to the Bank of America, N.A., as
            administrative agent under the Credit Agreement. "Obligations" mean
            any and all debts, obligations and liabilities of the Sellers, the
            Servicer, the Performance Guarantor and American Home Mortgage
            Acceptance, Inc. to Bank of America, N.A. as administrative agent
            under the Credit Agreement and the lenders from time to time party
            thereto (whether now existing or hereafter arising, voluntary or
            involuntary, whether or not jointly owed with others, direct or
            indirect, absolute or contingent, liquidated or unliquidated, and
            whether or not from time to time decreased or extinguished and later
            increased, created or incurred), arising out of or related to the
            Loan Documents (as defined in the Credit Agreement).

      (c) Section 1.1 of the Loan Agreement is hereby amended by adding the
following definition of "Aggregate Collateral Value" immediately after the
definition of "Agent's Account":

            "Aggregate Collateral Value" means an amount equal to the sum of the
            products of the book values (as determined in accordance with GAAP)
            of the consolidated assets of American Home Mortgage


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<PAGE>

            Investment Corp. and its Subsidiaries, such assets being categorized
            in the classes set forth on the calculation schedule that is part of
            Exhibit E attached to the Credit Agreement (the "Credit Agreement"),
            dated as of August 30, 2004, by and among the Sellers, American Home
            Mortgage Acceptance, Inc., certain Lenders from time to time party
            thereto, and Bank of America, N.A., times the percentage multiplier
            for each such class set forth on such calculation schedule.

      (d) Section 1.1 of the Loan Agreement is hereby amended by adding the
following definition of "Consolidated Funded Debt" immediately after the
definition of "Consequential Loss":

            "Consolidated Funded Debt" means, with respect to any Person and on
            any date of determination, Indebtedness in any of the following
            categories:

            (i) Debt for borrowed money, including the Obligations;

            (ii) Debt constituting an obligation to pay the deferred purchase
            price of property;

            (iii) Debt evidenced by a bond, debenture, note or similar
            instrument;

            (iv) Debt constituting, as of any date, any lease of property, real
            or personal, which would be capitalized on a balance sheet of the
            lessee prepared as of such date in accordance with GAAP, together
            with any other lease by such lessee which is in substance a
            financing lease, including, without limitation, any lease under
            which (i) such lessee has or will have an option to purchase the
            property subject thereto at a nominal amount or an amount less than
            a reasonable estimate of the fair market value of such property as
            of the date such lease is entered into, or (ii) the term of the
            lease approximates or exceeds the expected useful life of the
            property leased thereunder.

            (v) Debt constituting a non-contingent obligation to reimburse the
            issuer of any letter of credit or any guarantor or surety for
            payments made by such issuer, guarantor or surety; and

            (vi) Any obligation under any guaranty with respect to Debt of any
            other Person of the types described in clauses (i) through (v)
            above.


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<PAGE>

      (e) Section 1.1 of the Loan Agreement is hereby amended by deleting the
definition of "Hedge Report" in its entirety and replacing it with the following
definition:

           "Hedge Report" means, with respect to any Conforming Loans included
           in the Eligible Mortgage Collateral with respect to which there is no
           loan-specific Take-Out Commitment, a report prepared by the Servicer
           prepared pursuant to Section 3.6 hereof, showing, as of the close of
           business on the previous Business Day, all Take-Out Commitments
           obtained by the Originators to cover all closed loans owned by the
           Originators or the Borrower, to the extent that such mortgage loans
           have been pledged hereunder or pursuant to another lending
           arrangement, and certain information with respect to such trades
           including information as the Administrative Agent may request, in the
           form of Exhibit K hereto. Each such Take-Out Commitment shall have
           been pledged to the Administrative Agent; provided, however, that
           such Take-Out Commitments may have been pledged previously or may be
           pledged in the future by the Originators.

      (f) Section 1.1 of the Loan Agreement is hereby amended by deleting the
definition of "Maximum Facility Amount" in its entirety and replacing it with
the following definition:

            "Maximum Facility Amount" means $250,000,000, as such amount may be
            reduced pursuant to Section 2.1(c) of this Agreement.

      (g) Section 1.1 of the Loan Agreement is hereby amended by adding the
following definition of "Net Cash Proceeds" immediately after the definition of
"Multiemployer Plan":

            "Net Cash Proceeds" means, with respect to the issuance of any
            capital stock by American Home Mortgage Investment Corp., the amount
            of cash received by American Home Mortgage Investment Corp. in
            connection with such transaction after deducting therefrom all fees
            (including, without limitation, investment banking fees),
            commissions, costs and other expenses to the extent attributable to
            such transaction.

      (h) Section 1.1 of the Loan Agreement is hereby amended by deleting the
definition of "Originator Performance Guaranty" in its entirety and replacing it
with the following:

            "Originator Performance Guaranty" means the Amended and Restated
            Originator Performance Guaranty, in the form attached hereto as
            Exhibit G-2, made by the Performance Guarantor in favor of the
            Originators, and assigned to the Administrative Agent for the
            benefit of the Lenders.


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<PAGE>

      (i) Section 1.1 of the Loan Agreement is hereby amended by deleting the
definition of "Performance Guarantor" in its entirety and replacing it with the
following:

            "Performance Guarantor" means, together, American Home Mortgage
            Holdings, Inc., a Delaware corporation, and American Home Mortgage
            Investment Corp., a Maryland corporation, and their respective
            successors and assigns.

      (j) Section 1.1 of the Loan Agreement is hereby amended by deleting the
definition of "Performance Guarantor Quarterly Certificate" in its entirety and
replacing it with the following:

            "Performance Guarantor Quarterly Certificate" means the forms of
            certificate attached hereto as Exhibit H-3 and Exhibit H-4.

      (k) Section 1.1 of the Loan Agreement is hereby amended by deleting the
definition of "Servicer Default" in its entirety and replacing it with the
following:

            "Servicer Default" means (a) any Event of Default, to the extent
            relating to the Servicer, arising under Sections 8.1(a), (b), (c),
            (d), (e), (f), (g), (h), (i), (j), (k), (l), (m), (n), (o), (u),
            (v), (w), (x) or (cc)in each case, without giving effect to any
            provisions in such sections that make such sections applicable only
            so long as the Servicer is one of the Originators, (b) if the
            Servicer is one of the Originators, American Home Mortgage Holdings,
            Inc., as a Performance Guarantor, shall cease to own directly 100%
            of all of the stock of the Servicer, or (c) if the Servicer is one
            of the Originators, (i) the Servicer's Tangible Net Worth shall be
            less than $21,000,000 or (ii) the Servicer's Tangible Net Worth,
            combined with the Tangible Net Worth of AHMS and American Mortgage
            Acceptance, Inc., shall be less than $147,000,000.

      (l) Section 1.1 of the Loan Agreement is hereby amended by deleting the
definition of "Servicer Performance Guaranty" in its entirety and replacing it
with the following:

            "Servicer Performance Guaranty" means the Amended and Restated
            Servicer Performance Guaranty, in the form attached hereto as
            Exhibit G-1, made by the Performance Guarantor in favor of the
            Originators, and assigned to the Administrative Agent for the
            benefit of the Lenders.

      (m) Section 1.1 of the Loan Agreement is hereby amended by deleting the
definition of "Tangible Net Worth" in its entirety and replacing it with the
following:


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<PAGE>

            "Tangible Net Worth" means, with respect to any Person, the excess
            of total assets of such Person over the total liabilities of such
            Person determined in accordance with GAAP, but excluding from the
            determination of total assets: (a) all assets which would be
            classified as intangible assets under GAAP, including, without
            limitation, goodwill (whether representing the excess cost over book
            value of assets acquired or otherwise), patents, trademarks, trade
            names, copyrights, franchises and deferred charges (including,
            without limitation, unamortized debt discount and expense,
            organization costs and research and product development costs), (b)
            loans or other extensions of credit to officers, employees,
            shareholders or Affiliates of such Person (other than the Servicer,
            the Sellers, the Performance Guarantor and American Home Mortgage
            Acceptance, Inc.) and (c) investments in Subsidiaries of such Person
            (other than the Servicer, the Sellers, the Performance Guarantor and
            American Home Mortgage Acceptance, Inc.).

      (n) The second paragraph of Section 3.6(a) of the Loan Agreement is hereby
amended by (A) deleting the words "no later than 10:00 a.m. (eastern time) (i)
on the tenth Business Day after delivery of such Assignment relating to such
Mortgage Loan, and (ii) if any changes would be reflected since the last Hedge
Report, on each subsequent Business Day" in the first sentence thereof and
replacing them with the words "no later than 10:00 a.m. (eastern time) (i) on
each Business Day, and (ii) if any changes would be reflected since the last
Hedge Report, on each subsequent Business Day" and (B) deleting the words "tenth
Business Day" in the second sentence thereof and replacing them with the words
"subsequent Business Day".

      (o) Clause (c) of Section 3.6(a) of the Loan Agreement is hereby amended
by deleting the words "Upon request of the Administrative Agent at any time" and
replacing them with the words "On each Business Day".

      (p) The Loan Agreement is hereby amended by adding the following Section
3.9 immediately after Section 3.8:

            Section 3.9. Approved Investor Reporting.

            No later than 10:00 a.m. (Eastern time) on the 15th day of each
            month (or, if such day is not a Business Day, the next Business
            Day), the Borrower shall furnish to the Administrative Agent (by
            facsimile or electronic transmission (a hard copy of which shall not
            subsequently be mailed, sent or delivered to the Administrative
            Agent, unless so requested by the Administrative Agent) a report
            which shall provide as of the last day of the previous month (i) a
            list of Approved Investors that committed to purchase one or more
            Mortgage Loans


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<PAGE>

            from one of the Originators during such previous month and (ii) the
            percentage of the Mortgage Loans each such Approved Investor
            committed to purchase either in the form of loan-specific Take-Out
            Commitments or forward purchase commitments obtained to hedge
            Mortgage Loans.

      (q) Section 4.1(t) of the Loan Agreement is hereby deleted in its entirety
and replaced with the following Section 4.1(t):

            (t) each of the Performance Guarantor Quarterly Certificates,
            substantially in the forms of Exhibit H-3 and Exhibit H-4,
            respectively.

      (r) Section 4.2(h) of the Loan Agreement is hereby deleted in its entirety
and replaced with the following Section 4.2(h):

            (h) the most recently due Performance Guarantor Quarterly
            Certificate, substantially in the forms of Exhibit H-3 and Exhibit
            H-4, respectively, shall have been delivered previously to the
            Administrative Agent.

      (s) Section 7.10 of the Loan Agreement is hereby deleted in its entirety
and replaced with the word "[Reserved]."

      (t) Section 7.16 of the Loan Agreement is hereby deleted in its entirety
and replaced with the following Section 7.16:

            Section 7.16. Minimum Tangible Net Worth.

            (i) American Home Mortgage Investment Corp. shall not nor shall it
            permit any Subsidiary to, at any time, directly or indirectly permit
            at any time its Tangible Net Worth to be less than $530,000,000,
            plus 75% of the Net Cash Proceeds of any capital stock (including
            preferred stock) issued by American Home Mortgage Investment Corp.
            after June 30, 2004.

            (ii) The Servicer shall not nor shall it permit any Subsidiary to,
            at any time, directly or indirectly

                  a) Permit at any time the Tangible Net Worth of AHMS to be
                  less than $30,000,000.

                  b) Permit at any time the Tangible Net Worth of AHMC to be
                  less than $21,000,000.


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<PAGE>

                  c) Permit at any time the Tangible Net Worth of American Home
                  Mortgage Acceptance, Inc. to be less than $41,000,000; or

                  d) Permit at any time the Tangible Net Worth of the Sellers
                  and American Home Mortgage Acceptance, Inc., on a combined
                  basis, to be less than $147,000,000.

      (u) The Loan Agreement is hereby amended by adding the following Section
7.19 immediately after Section 7.18:

            7.19. Collateral Value to Adjusted Consolidated Funded Debt Ratio.

            American Home Mortgage Investment Corp. shall not permit at any time
            the ratio of its Aggregate Collateral Value to its Adjusted
            Consolidated Funded Debt to be less than 1.00 to 1.00.

      (v) Exhibit G-1 to the Loan Agreement is hereby deleted in its entirety
and replaced with Annex A attached hereto.

      (w) Exhibit G-2 to the Loan Agreement is hereby deleted in its entirety
and replaced with Annex B attached hereto.

      (x) Exhibit H-1 to the Loan Agreement is hereby deleted in its entirety
and replaced with Annex C attached hereto.

      (y) The Loan Agreement is hereby amended by adding Annex D attached hereto
as Exhibit H-4 to the Loan Agreement.

      (z) Exhibit F to the Loan Agreement is hereby deleted in its entirety and
replaced with Annex E attached hereto.

      (aa) Schedule I to the Loan Agreement is hereby deleted in its entirety
and replaced with Annex F attached hereto.

      Section 2. Amendments to the Repurchase Agreement.

      (a) Section 1.01 of the Repurchase Agreement is hereby amended by adding
the following definition of "Adjusted Consolidated Funded Debt" immediately
before the definition of "Administrative Agent":

            "Adjusted Consolidated Funded Debt" means, on any date of
            determination, the sum of (a) the Consolidated Funded Debt of
            American Home Mortgage Investment Corp. and any other Person which
            would be reflected on the consolidated balance sheet of


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<PAGE>

            American Home Mortgage Investment Corp. prepared in accordance with
            GAAP if such balance sheet were prepared as of such date of
            determination, less (b) 50% of any Subordinated Debt, less (c) the
            mortgage debt associated with the building and the land located at
            538 Broadhollow Road, Melville, New York. "Subordinated Debt" means
            the Debt of American Home Mortgage Investment Corp. and its
            Subsidiaries subordinated to the Obligations in the manner and to
            the extent required by the Bank of America, N.A., as administrative
            agent under the Credit Agreement, pursuant to written subordination
            agreements satisfactory in form and substance to the Bank of
            America, N.A., as administrative agent under the Credit Agreement.
            "Obligations" mean any and all debts, obligations and liabilities of
            the Servicer, the Sellers, the Performance Guarantor and American
            Home Mortgage Acceptance, Inc. to Bank of America, N.A. as
            administrative agent under the Credit Agreement and the lenders from
            time to time party thereto (whether now existing or hereafter
            arising, voluntary or involuntary, whether or not jointly owed with
            others, direct or indirect, absolute or contingent, liquidated or
            unliquidated, and whether or not from time to time decreased or
            extinguished and later increased, created or incurred), arising out
            of or related to the Loan Documents (as defined in the Credit
            Agreement).

      (b) Section 1.01 of the Repurchase Agreement is hereby amended by adding
the following definition of "Aggregate Collateral Value" immediately after the
definition of "Affiliate":

            "Aggregate Collateral Value" means an amount equal to the sum of the
            products of the book values (as determined in accordance with GAAP)
            of the consolidated assets of American Home Mortgage Investment
            Corp. and its Subsidiaries, such assets being categorized in the
            classes set forth on the calculation schedule that is part of
            Exhibit E attached to the Credit Agreement (the "Credit Agreement"),
            dated as of August 30, 2004, by and among the Sellers, American Home
            Mortgage Acceptance, Inc., certain Lenders from time to time party
            thereto, and Bank of America, N.A., times the percentage multiplier
            for each such class set forth on such calculation schedule.

      (c) Section 1.01 of the Repurchase Agreement is hereby amended by adding
the following definition of "Consolidated Funded Debt" immediately after the
definition of "Conforming Loan":


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<PAGE>

            "Consolidated Funded Debt" means, with respect to any Person and on
            any date of determination, Indebtedness in any of the following
            categories:

            (i) Debt for borrowed money, including the Obligations;

            (ii) Debt constituting an obligation to pay the deferred purchase
            price of property;

            (iii) Debt evidenced by a bond, debenture, note or similar
            instrument;

            (iv) Debt constituting, as of any date, any lease of property, real
            or personal, which would be capitalized on a balance sheet of the
            lessee prepared as of such date in accordance with GAAP, together
            with any other lease by such lessee which is in substance a
            financing lease, including, without limitation, any lease under
            which (i) such lessee has or will have an option to purchase the
            property subject thereto at a nominal amount or an amount less than
            a reasonable estimate of the fair market value of such property as
            of the date such lease is entered into, or (ii) the term of the
            lease approximates or exceeds the expected useful life of the
            property leased thereunder;

            (v) Debt constituting a non-contingent obligation to reimburse the
            issuer of any letter of credit or any guarantor or surety for
            payments made by such issuer, guarantor or surety; and

            (vi) Any obligation under any guaranty with respect to Debt of any
            other Person of the types described in clauses (i) through (v)
            above.

      (d) Section 1.01 of the Repurchase Agreement is hereby amended by deleting
the definition of "Hedge Report" in its entirety and replacing it with the
following:

            "Hedge Report" means, with respect to any Conforming Loans included
            in the Eligible Mortgage Collateral with respect to which there is
            no loan-specific Take-Out Commitment, a report prepared by the
            Servicer prepared pursuant to Section 3.6 of the Loan Agreement,
            showing, as of the close of business on the previous Business Day,
            all Take-Out Commitments obtained by the Originators to cover all
            closed loans owned by the Originators or the Borrower, to the extent
            that such mortgage loans have been pledged hereunder or pursuant to
            another lending arrangement, and certain information with respect to
            such trades including information as the Administrative Agent may
            request, in the form of Exhibit K of the Loan Agreement. Each such


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<PAGE>

            Take-Out Commitment shall have been pledged to the Administrative
            Agent; provided, however, that such Take-Out Commitments may have
            been pledged previously or may be pledged in the future by the
            Originators.

      (e) Section 1.01 of the Repurchase Agreement is hereby amended by adding
the following definition of "Net Cash Proceeds" immediately after the definition
of "Multiemployer Plan":

            "Net Cash Proceeds" means, with respect to the issuance of any
            capital stock by American Home Mortgage Investment Corp., the amount
            of cash received by American Home Mortgage Investment Corp. in
            connection with such transaction after deducting therefrom all fees
            (including, without limitation, investment banking fees),
            commissions, costs and other expenses to the extent attributable to
            such transaction.

      (f) Section 1.01 of the Repurchase Agreement is hereby amended by deleting
the definition of "Originator Performance Guaranty" in its entirety and
replacing it with the following definition:

            "Originator Performance Guaranty" means the Amended and Restated
            Originator Performance Guaranty, in the form attached to the Loan
            Agreement as Exhibit G-2, made by the Performance Guarantor in favor
            of the Originators, and assigned to the Administrative Agent for the
            benefit of the Lenders.

      (g) Section 1.01 of the Repurchase Agreement is hereby amended by deleting
the definition of "Performance Guarantor" in its entirety and replacing it with
the following definition:

            "Performance Guarantor" means, together, American Home Mortgage
            Holdings, Inc., a Delaware corporation, and American Home Mortgage
            Investment Corp., a Maryland corporation, and their respective
            successors and assigns.

      (h) Section 1.01 of the Repurchase Agreement is hereby amended by deleting
the definition of "Servicer Performance Guaranty" in its entirety and replacing
it with the following definition:

            "Servicer Performance Guaranty" means the Amended and Restated
            Servicer Performance Guaranty, in the form attached to the Loan
            Agreement as Exhibit G-1, made by the Performance Guarantor in favor
            of the Originators, and assigned to the Administrative Agent for the
            benefit of the Lenders.


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<PAGE>

      (i) Section 1.01 of the Repurchase Agreement is hereby amended by deleting
the definition of "Tangible Net Worth" in its entirety and replacing it with the
following definition:

            "Tangible Net Worth" means, with respect to any Person, the excess
            of total assets of such Person over the total liabilities of such
            Person determined in accordance with GAAP, but excluding from the
            determination of total assets: (a) all assets which would be
            classified as intangible assets under GAAP, including, without
            limitation, goodwill (whether representing the excess cost over book
            value of assets acquired or otherwise), patents, trademarks, trade
            names, copyrights, franchises and deferred charges (including,
            without limitation, unamortized debt discount and expense,
            organization costs and research and product development costs), (b)
            loans or other extensions of credit to officers, employees,
            shareholders or Affiliates of such Person (other than the Servicer,
            the Sellers, the Performance Guarantor and American Home Mortgage
            Acceptance, Inc.) and (c) investments in Subsidiaries of such Person
            (other than the Servicer, the Sellers, the Performance Guarantor and
            American Home Mortgage Acceptance, Inc.).

      (j) The definition of "Termination Date" in Section 1.01 of the Repurchase
Agreement is hereby amended by deleting the words "August 6, 2004" in clause (a)
thereof and replacing them with the words "August 5, 2005".

      (k) Section 5.19 of the Repurchase Agreement is hereby amended by
inserting "(a)" before the sentence therein and adding the following clause (b):

            (b) The Sellers shall not nor shall they permit any Subsidiary to,
            at any time, directly or indirectly

                  (i) Permit at any time the Tangible Net Worth of American Home
                  Mortgage Investment Corp. to be less than $530,000,000, plus
                  75% of the Net Cash Proceeds of any capital stock (including
                  preferred stock) issued by American Home Mortgage Investment
                  Corp. after June 30, 2004;

                  (ii) Permit at any time the Tangible Net Worth of AHMS to be
                  less than $30,000,000;

                  (iii) Permit at any time the Tangible Net Worth of AHMC to be
                  less than $21,000,000;


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<PAGE>

                  (iv) Permit at any time the Tangible Net Worth of American
                  Home Mortgage Acceptance, Inc. to be less than $41,000,000; or

                  (v) Permit at any time the Tangible Net Worth of the Sellers
                  and American Home Mortgage Acceptance, Inc., on a combined
                  basis, to be less than $147,000,000.

      (l) The Repurchase Agreement is hereby amended by deleting Section 5.22 in
its entirety and replacing it with the word "[Reserved]."

      (m) The Repurchase Agreement is hereby amended by adding the following
Section 5.32 immediately after Section 5.31:

            7.19. Collateral Value to Adjusted Consolidated Funded Debt Ratio.

            American Home Mortgage Investment Corp. shall not permit at any time
            the ratio of its Aggregate Collateral Value to its Adjusted
            Consolidated Funded Debt to be less than 1.00 to 1.00.

      (n) The Repurchase Agreement is hereby amended by deleting Section 5.29 in
its entirety and replacing it with the following Section 5.29:

            Section 5.29. Take-Out Commitments.

            Each of the Sellers shall obtain, and maintain in full force and
            effect, (a) Take-Out Commitments reflecting total Approved Investor
            obligations, as of each determination, with an aggregate purchase
            price at least equal to the total of the original principal balances
            of such Seller's entire portfolio of Mortgage Loans and the mortgage
            loans sold to the Buyer by such Seller, but in each case only to the
            extent such mortgage loans are pledged to secure a borrowing and (b)
            forward purchase commitments (which may include options to sell
            Mortgage Loans to Approved Investors, so long as the Approved
            Investor is bound thereby) issued by Approved Investors and
            obligating such Approved Investors to purchase a portion of such
            Seller's subsequently acquired Mortgage Loans. Each of the Take-Out
            Commitments specified in clause (a) above shall reflect only those
            terms and conditions as are permitted hereunder or are acceptable to
            the Administrative Agent.

      Section 3. Amendments to the Collateral Agency Agreement.

      (a) The Collateral Agency Agreement is amended by inserting the following
Section 3.13 immediately after Section 3.12 therein:


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<PAGE>

            Section 3.13. Release Letters.

            To the extent that the Administrative Agent's approval is required
            for the release of any Mortgage Loan hereunder, the Administrative
            Agent hereby appoints the Borrower, as agent for the Administrative
            Agent, its attorney in fact, with full power of substitution, for
            and on behalf and in the name of the Administrative Agent, to
            release the documents related to such Mortgage Loan to the extent
            permitted hereunder. The powers and authorities herein conferred on
            the Borrower may be exercised by the Borrower through any Person
            who, at the time of the execution of a particular instrument, is an
            authorized officer or agent of the Borrower. All Persons dealing
            with the Borrower, any officer thereof, or any substitute attorney,
            acting pursuant hereto shall be fully protected in treating the
            powers and authorities conferred by this Section 3.13 as existing
            and continuing in full force and effect until advised by the
            Borrower that the Obligations have been fully and finally paid and
            satisfied and all Bank Commitments have been terminated.

      (b) Exhibit D-1 to the Collateral Agency Agreement is hereby amended by
deleting the definition of "Hedge Report" in its entirety and replacing it with
the following definition:

            "Hedge Report" means, with respect to any Conforming Loans included
            in the Eligible Mortgage Collateral with respect to which there is
            no loan-specific Take-Out Commitment, a report prepared by the
            Servicer prepared pursuant to Section 3.6 of the Loan Agreement,
            showing, as of the close of business on the previous Business Day,
            all Take-Out Commitments obtained by the Originators to cover all
            closed loans owned by the Originators or the Borrower, to the extent
            that such mortgage loans have been pledged hereunder or pursuant to
            another lending arrangement, and certain information with respect to
            such trades including information as the Administrative Agent may
            request, in the form of Exhibit K of the Loan Agreement. Each such
            Take-Out Commitment shall have been pledged to the Administrative
            Agent; provided, however, that such Take-Out Commitments may have
            been pledged previously or may be pledged in the future by the
            Originators.

      (c) The definition of "Mortgage Assets" in Exhibit D-2 to the Collateral
Agency Agreement is hereby amended by deleting clause (d) in its entirety and
replacing it with the following definition:


                                       14
<PAGE>

            (d) (i) any and all Take-Out Commitments, to the extent pledged to
            the Administrative Agent hereunder or pursuant to another lending
            arrangement (and which may have been pledged previously or may be
            pledged in the future by the Originators), whether or not such
            Take-Out Commitments pertain to Mortgage Loans that are pledged and
            assigned to the Secured Party, for the benefit of the holders of the
            Obligations, as collateral for the Obligations, or in which the
            Secured Party has a security interest to secure the Obligations and
            (ii) Closing Protection Rights, to the extent pledged to the
            Administrative Agent, that pertain to Mortgage Loans that are
            pledged and assigned to the Secured Party, for the benefit of the
            holders of the Obligations, as collateral for the Obligations, or in
            which the Secured Party has a security interest to secure the
            Obligations;

      (d) Exhibit D-1 to the Collateral Agency Agreement is hereby amended by
deleting the definition of "Maximum Facility Amount" in its entirety and
replacing it with the following definition:

            "Maximum Facility Amount" means $250,000,000, as such amount may be
            reduced pursuant to Section 2.1(c) of the Loan Agreement.

      (e) Exhibit D-1 to the Collateral Agency Agreement is hereby amended by
deleting the definition of "Performance Guarantor" in its entirety and replacing
it with the following definition:

            "Performance Guarantor" means, together, American Home Mortgage
            Holdings, Inc., a Delaware corporation, and American Home Mortgage
            Investment Corp., a Maryland corporation, and their respective
            successors and assigns.

      (f) The definition of "Termination Date" in Exhibit D-1 to the Collateral
Agency Agreement is hereby amended by deleting the words "August 6, 2004" in
clause (a) thereof and replacing them with the words "August 5, 2005".

      Section 4. Amendments to All of the Operative Documents.

      (a) Each reference to "Columbia National, Incorporated" in each of the
Operative Documents, including, without limitation any and all schedules and
exhibits to any of the Operative Documents, shall be deemed to refer to
"American Home Mortgage Servicing, Inc."

      (b) Each reference to "Maximum Facility Amount" or "Termination Date" in
each of the Operative Documents, including, without limitation, any and all
schedules and exhibits to any of the Operative Documents, shall be deemed to
refer to the Maximum Facility


                                       15
<PAGE>

Amount or Termination Date, respectively, as such terms are defined in this
Amendment for each respective Operative Document.

      Section 5. Operative Documents in Full Force and Effect as Amended

      Except as specifically amended hereby, all of the provisions of the
Operative Documents and all of the provisions of all other documentation
required to be delivered with respect thereto shall remain in full force and
effect from and after the date hereof.

      Section 6. Miscellaneous

      (a) This Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which when taken together
shall not constitute a novation of any Operative Document, but shall constitute
an amendment thereof. The parties hereto agree to be bound by the terms and
conditions of each Operative Document, as amended by this Amendment, as though
such terms and conditions were set forth herein.

      (b) The descriptive headings of the various sections of this Amendment are
inserted for convenience of reference only and shall not be deemed to affect the
meaning or construction of any of the provisions hereof.

      (c) This Amendment may not be amended or otherwise modified except as
provided in each respective Operative Agreement.

      (d) This Amendment and the rights and obligations of the parties under
this Amendment shall be governed by, and construed in accordance with, the laws
of the state of New York (without giving effect to the conflict of laws
principles thereof, other than Section 5-1401 of the New York General
Obligations Law, which shall apply hereto).



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                                       16
<PAGE>

            IN WITNESS WHEREOF, the parties have agreed to and caused this
Amendment to be executed by their respective officers thereunto duly authorized,
as of the date first above written.

ADMINISTRATIVE AGENT AND
BANK
AGREED:                       CALYON NEW YORK BRANCH


                              By:    /s/ David C. Fink
                                 --------------------------------------
                                 Name:   David C. Fink
                                 Title:  Managing Director

                              By:    /s/ Kostantina Kourmpetis
                                 --------------------------------------
                                 Name:   Kostantina Kourmpetis
                                 Title:  Managing Director



ORIGINATOR, SERVICER
AND SELLER
AGREED:                       AMERICAN HOME MORTGAGE CORP.


                              By:    /s/ Alan B. Horn
                                 -----------------------------------
                                 Name:   Alan B. Horn
                                 Title:  Executive Vice President
                                         and General Counsel


ORIGINATOR AND SELLER
AGREED:                       AMERICAN HOME MORTGAGE SERVICING, INC.


                              By:    /s/ Alan B. Horn
                                 -----------------------------------
                                 Name:   Alan B. Horn
                                 Title:  Executive Vice President
                                         and General Counsel
<PAGE>

BORROWER AND BUYER
AGREED:                       AHM SPV I, LLC


                              By:    /s/ Alan B. Horn
                                 -----------------------------------
                                 Name:   Alan B. Horn
                                 Title:  Manager


COLLATERAL AGENT
AGREED:                       DEUTSCHE BANK NATIONAL TRUST COMPANY


                              By:    /s/ Andrew Hays
                                 --------------------------------------
                                 Name:   Andrew Hays
                                 Title:  Associate


<PAGE>

                                                                         ANNEX A

                                   Exhibit G-1




<PAGE>

                                                                         ANNEX B

                                   Exhibit G-2




<PAGE>

                                                                         ANNEX F

                                   SCHEDULE I

                        BANK COMMITMENTS AND PERCENTAGES



                                                       Bank Commitment
              Bank                 Bank Commitment       Percentage
              ----                 ---------------     ---------------

      CALYON NEW YORK BRANCH        $250,000,000            100%