SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                  FORM 10-K/A-1



                                   (MARK ONE)
  [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
            ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 1999.

     [_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ___________ TO ___________.

                        COMMISSION FILE NUMBER 000-27081

                      AMERICAN HOME MORTGAGE HOLDINGS, INC.
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

             DELAWARE                                    13-4066303
     (STATE OR OTHER JURISDICTION OF        (I.R.S. EMPLOYER IDENTIFICATION NO.)
    INCORPORATION OR ORGANIZATION)

                     12 EAST 49TH STREET, NEW YORK, NY 10017
               (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)

                                 (212) 755-8600
              (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)


           SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:

   TITLE OF EACH CLASS                                 NAME OF EACH EXCHANGE

Common Stock, $0.01 par value                          NASDAQ National Market

        SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT: NONE

     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] or No [ ].

     Indicate by a check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [ _ ]

     The aggregate market value of the voting stock held by non-affiliates of
the registrant based upon the closing sale price of its Common Stock on March
27, 2000, on the NASDAQ National Market was $7.125.

     As of March 27, 2000, there were 8,286,747 shares of Common Stock
outstanding.

<PAGE>

                                AMENDMENT NO. 1
                                       to
                           ANNUAL REPORT ON FORM 10-K


      The Independent Auditor's Report on Page 2 of the Registrant's
Consolidated Financial Statements is hereby amended to include the conformed
signature of the Independent Auditors, which was previously inadvertantly
omitted, and shall read in its entirety as follows:


      INDEPENDENT AUDITORS' REPORT

      To the Board of Directors and Stockholders of American Home Mortgage
      Holdings, Inc.

      We have audited the accompanying consolidated balance sheets of American
      Home Mortgage Holdings, Inc. and its subsidiary (the "Company") as of
      December 31, 1999 and 1998 and the related consolidated statements of
      income, changes in stockholders' equity, and cash flows for each of the
      three years in the period ended December 31, 1999. These financial
      statements are the responsibility of the Company's management. Our
      responsibility is to express an opinion on these financial statements
      based on our audits.

      We conducted our audits in accordance with generally accepted auditing
      standards. Those standards require that we plan and perform the audit to
      obtain reasonable assurance about whether the financial statements are
      free of material misstatement. An audit includes examining, on a test
      basis, evidence supporting the amounts and disclosures in the financial
      statements. An audit also includes assessing the accounting principles
      used and significant estimates made by management, as well as evaluating
      the overall financial statement presentation. We believe that our audits
      provide a reasonable basis for our opinion.

      In our opinion, such consolidated financial statements present fairly, in
      all material respects, the financial position of American Home Mortgage
      Holdings, Inc. and its subsidiaries at December 31, 1999 and 1998 and the
      results of their operations and their cash flows for each of the three
      years in the period ended December 31, 1999 in conformity with generally
      accepted accounting principles.

      /s/ DELOITTE & TOUCHE LLP

      Parsippany, NJ
      March 30, 2000

<PAGE>

                                   SIGNATURES

      Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant, American Home Mortgage Holdings, Inc., a
corporation organized and existing under the laws of the State of Delaware, has
duly caused this amendment to its annual report to be signed on its behalf by
the undersigned, thereunto duly authorized, on the 14th day of April, 2000.

                               AMERICAN HOME MORTGAGE HOLDINGS, INC.



                               By: /s/ Michael Strauss
                                   --------------------------------------------
                                   Name:  Michael Strauss
                                   Title: President and Chief Executive Officer