Exhibit 4.1



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                     AMERICAN HOME MORTGAGE INVESTMENT CORP.




                            FORM OF WARRANT AGREEMENT




                                  COMMON STOCK








                           Dated as of ______________



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                  FORM OF WARRANT AGREEMENT FOR COMMON STOCK

            This Agreement is made as of [ ], by and between American Home
Mortgage Investment Corp., a Maryland corporation (the "Company"), and [ ] (the
"Holder").

                              W I T N E S S E T H:

            WHEREAS, the Company deems it advisable to issue the Holder warrants
(the "Warrants") entitling the Holder to purchase an aggregate of [ ] shares of
common stock of the Company, par value $0.01 per share ("Common Stock"). The
shares of Common Stock issued upon exercise of the Warrants are referred to as
the "Warrant Shares;" and

            WHEREAS, the Company desires to enter into this Agreement to set
forth the terms and conditions of the Warrants and the rights of the holders
thereof;

            NOW, THEREFORE, in consideration of the foregoing and the mutual
agreements herein contained, the parties hereto agree as follows:

                                   ARTICLE I

      ISSUANCE, EXECUTION, EXPIRATION AND TRANSFER OF WARRANT CERTIFICATES

            Section 1.01 Form of Warrant Certificates. The Warrants shall be
evidenced by certificates in temporary or definitive fully registered form (the
"Warrant Certificates") substantially in the form of Exhibit A and may have such
letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with any law or with
any rule or regulation made pursuant thereto or with any rule or regulation of
any securities exchange, or to conform to usage, or as consistently herewith may
be determined by the officers executing such Warrant Certificates as evidenced
by their execution of the Warrant Certificates. Each Warrant Certificate shall
evidence the right, subject to the provisions of this Agreement and of the
Warrant Certificate, to purchase the number of shares of Common Stock stated
therein, adjusted as provided for in Article III hereof, upon payment of the
Exercise Price (as defined in Section 2.01).

            Section 1.02 Execution of Warrant Certificates. Each Warrant
Certificate, whenever issued, shall be dated as of the date of signature thereof
by the Company either upon initial issuance or upon exchange, substitution or
transfer, shall be signed manually by, or bear the facsimile signature of, the
Chairman of the Board or the President or a Treasurer or a Vice President of the
Company, shall have the Company's seal or a facsimile thereof affixed or
imprinted thereon and shall be attested by the manual or facsimile signature of
the Secretary or an Assistant Secretary of the Company. In case any officer of
the Company whose manual or facsimile signature has been placed upon any Warrant
Certificate shall have ceased to be such

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before such Warrant Certificate is issued, it may be issued with the same effect
as if such officer had not ceased to be such at the date of issuance. Any
Warrant Certificate may be signed on behalf of the Company by any person who, at
the actual date of the execution of such Warrant Certificate, shall be a proper
officer of the Company to sign such Warrant Certificate, although at the date of
the execution of this Agreement any such person was not such an officer.

            Section 1.03 Issuance, Delivery and Registration of Warrant
Certificates. The Company shall issue and deliver, at the closing of the sale of
the Initial Shares to the Underwriters as provided in the Underwriting
Agreement, to the Representative or its designees, a Warrant Certificate
representing the Warrants, in substantially the form of Exhibit A. Additionally,
the Company shall sign and deliver Warrant Certificates upon exchange, transfer
or substitution for one or more previously signed Warrant Certificates as
hereinafter provided. The Company shall maintain books for the registration of
transfer and registration of Warrant Certificates (the "Warrant Register").

            Section 1.04 Transfer and Exchange of Warrant Certificates. The
Company, from time to time, shall register the transfer of any outstanding
Warrant Certificates in the Warrant Register upon surrender at the principal
office of the Company of Warrant Certificates accompanied by a written
instrument or instruments of transfer, in form satisfactory to the Company, duly
executed by the Warrantholder or the Warrantholder's attorney duly authorized in
writing, and evidence, satisfactory to the Company, of compliance with the
provisions of this Section 1.04. Upon any such registration of transfer, a new
Warrant Certificate shall be signed by the Company and issued to the transferee
and the surrendered Warrant Certificate shall be canceled by the Company.
Warrant Certificates may be exchanged at the option of the holder thereof, upon
surrender, properly endorsed, at the principal office of the Company, with
written instructions, for other Warrant Certificates signed by the Company
entitling the registered holder thereof, subject to the provisions thereof and
of this Agreement, to purchase in the aggregate a like number of shares of
Common Stock as the Warrant Certificate so surrendered. The Company may require
the payment of a sum sufficient to cover any tax or governmental charge that may
be imposed in connection with any such exchange or transfer.

                                   ARTICLE II

        SHARES OF COMMON STOCK ISSUABLE, EXERCISE PRICE, EXPIRATION DATE
                            AND EXERCISE OF WARRANTS

            Section 2.01 Warrant Shares Issuable; Exercise Price; Expiration
Date. Each Warrant Certificate shall entitle the registered holder thereof,
subject to the provisions thereof and of this Agreement, to purchase from the
Company at any time from [ ], the effective date (the "Effective Date") of the
registration statement (No. 333- ) filed by the Company on Form S-3 under the
Securities Act of 1933, as amended (the "Securities Act") to the close of
business on the [ ] anniversary of such date (or, if such date is not a Business
Day (as defined below), the first following Business Day) the number of shares
of Common Stock stated therein, adjusted as provided in Article III, upon
payment of $[ ] per share, adjusted as provided in Article III. Such price, as
in effect from time to time as provided in Article III, is referred to as the
"Exercise Price." Each share of Common Stock issuable upon exercise of a Warrant
is

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referred to as a "Warrant Share." Each Warrant not exercised during the period
set forth above shall become void, and all rights thereunder and all rights in
respect thereof under this Agreement shall cease, at the end of such period. For
purposes of this Agreement, the term "Business Day" means any day of the week
other than a Saturday, Sunday or a day which in the City of New York or in the
city in which the principal office of the Company is located shall be a legal
holiday or a day on which banking institutions are authorized or required by law
to close.

            Section 2.02 Exercise of Warrants. (a) Warrants may be exercised by
surrendering the Warrant Certificate evidencing such Warrants at the principal
office of the Company, with the Election to Exercise form set forth on the
reverse of the Warrant Certificate duly completed and signed, and by paying in
full to the Company (i) in cash, or (ii) by certified or official bank check, or
(iii) by any combination of the foregoing, the Exercise Price for each Warrant
Share as to which Warrants are then being exercised and any applicable taxes,
other than taxes that the Company is required to pay hereunder. A Warrantholder
may exercise such holder's Warrant for the full number of Warrant Shares
issuable upon exercise thereof or any lesser number of whole Warrant Shares.

            (b) As soon as practicable after the exercise of any Warrants and
payment by the Warrantholder of the full Exercise Price for the Warrant Shares
as to which such Warrants are then being exercised, the Company shall
requisition from the transfer agent of the shares of Common Stock and deliver to
or upon the order of such Warrantholder a certificate or certificates for the
number of full Warrant Shares to which such Warrantholder is entitled,
registered in the name of such Warrantholder or as such Warrantholder shall
direct. Fractional Warrant Shares that otherwise would be issuable in respect of
such exercise shall be paid in cash as provided in Section 2.03, and the number
of Warrant Shares issuable to such Warrantholder shall be rounded down to the
next nearest whole number. If such Warrant Certificate shall not have been
exercised in full, the Company will issue to such Warrantholder a new Warrant
Certificate exercisable for the number of shares of Common Stock as to which
such Warrant shall not have been exercised. The Company will cancel all Warrants
so surrendered.

            (c) Each person in whose name any such certificate for Warrant
Shares is issued shall for all purposes be deemed to have become the holder of
record of such Warrant Shares on the date on which the Warrant Certificate was
surrendered to the Company and payment of the Exercise Price and any applicable
taxes was made to the Company, irrespective of the date of delivery of such
certificate for Warrant Shares.

            (d) All Warrant Shares will be duly authorized, validly issued,
fully paid and nonassessable. The Company will pay all documentary stamp taxes
attributable to the initial issuance of Warrant Shares. The Company will not be
required, however, to pay any tax imposed in connection with any transfer
involved in the issue of the Warrant Shares in a name other than that of the
Warrantholder. In such case, the Company will not be required to issue any
certificate for Warrant Shares until the person or persons requesting the same
shall have paid to the Company the amount of any such tax or shall have
established to the Company's satisfaction that the tax has been paid or that no
tax is due.

            (e) The Warrant Shares issued upon exercise of any Warrant shall be
subject to the restrictions and limitations on ownership contained in the
Company's charter.

            Section 2.03 No Fractional Shares to Be Issued. If more than one
Warrant Certificate shall be surrendered for exercise at one time by the same
holder, the number of full

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Warrant Shares which shall be issuable upon exercise thereof shall be computed
on the basis of the aggregate number of Warrants so surrendered. The
Warrantholders, by their acceptance of the Warrant Certificates, expressly waive
their right to receive any fraction of a Warrant Share or a share certificate
representing a fraction of a Warrant Share. In lieu thereof, the Company will
purchase such fractional interest for an amount in cash equal to the current
market value of such fractional interest, as reasonably determined by the Board
of Directors of the Company.

            Section 2.04 Cancellation of Warrants. The Company shall cancel any
Warrant Certificate delivered to it for exercise, in whole or in part, or
delivered to it for transfer, exchange or substitution, and no Warrant
Certificates shall be issued in lieu thereof except as expressly permitted by
any of the provisions of this Agreement. The Company shall destroy canceled
Warrant Certificates. If the Company shall acquire any of the Warrants, such
acquisition shall not operate as a redemption or termination of the right
represented by such Warrants unless and until the Warrant Certificates
evidencing such Warrants are surrendered to the Company for cancellation.

                                  ARTICLE III

            ADJUSTMENT OF EXERCISE PRICE; MERGER, ACQUISITION, ETC.;
            RESERVATION OF SHARES OF COMMON STOCK; PAYMENT OF TAXES

            Section 3.01 Adjustment of Exercise Price and Number of Warrant
Shares. The Exercise Price shall be subject to adjustment from time to time as
provided in this Article III. After each adjustment of the Exercise Price, each
Warrantholder shall at any time thereafter be entitled to purchase, at the
Exercise Price resulting from such adjustment, the number of Warrant Shares
obtained by multiplying the Exercise Price in effect immediately prior to such
adjustment by the number of Warrant Shares purchasable pursuant to the
provisions of such Warrant immediately prior to such adjustment and dividing the
product thereof by the Exercise Price resulting from such adjustment.

            Section 3.02 Stock Dividends. If the Company shall declare a
dividend or any other distribution upon any capital stock which is payable in
shares of Common Stock or securities convertible into shares of Common Stock,
the Exercise Price shall be reduced to the quotient obtained by dividing (i) the
number of shares of Common Stock outstanding immediately prior to such
declaration multiplied by the then effective Exercise Price by (ii) the total
number of shares of Common Stock outstanding immediately after such declaration.
All shares of Common Stock and all convertible securities issuable in payment of
any dividend or other distribution upon the capital stock of the Company shall
be deemed to have been issued or sold without consideration.

            Section 3.03 Stock Splits and Reverse Stock Splits. If the Company
shall subdivide its outstanding shares of Common Stock into a greater number of
shares, the Exercise Price shall be proportionately reduced and the number of
Warrant Shares issuable upon exercise of each Warrant shall be proportionately
increased. If the Company shall combine the outstanding shares of Common Stock
into a smaller number of shares, the Exercise Price shall be proportionately
increased and the number of Warrant Shares issuable upon exercise of each
Warrant shall be proportionately decreased.

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            Section 3.04 Reorganizations and Asset Sales. If any capital
reorganization or reclassification of the Company, or any consolidation or
merger of the Company with another corporation, or the sale of all or
substantially all of the assets of the Company shall be effected in such a way
that the holders of the shares of Common Stock shall be entitled to receive
securities or assets with respect to or in exchange for shares of Common Stock,
adequate provision shall be made, prior to and as a condition of such
reorganization, reclassification, consolidation, merger or sale, whereby each
Warrantholder shall have the right to receive, upon the terms and conditions
specified herein and in lieu of the Warrant Shares otherwise receivable upon the
exercise of such Warrants, such securities or assets as may be issued or payable
with respect to or in exchange for the number of outstanding shares of Common
Stock equal to the number of Warrant Shares otherwise receivable had such
reorganization, reclassification, consolidation, merger or sale not taken place.
In any such case appropriate provision shall be made with respect to the rights
and interests of such Warrantholder so that the provisions of this Agreement
shall be applicable with respect to any securities or assets thereafter
deliverable upon exercise of the Warrants. The Company shall not effect any such
consolidation, merger or sale unless prior to or simultaneously with the
consummation thereof the survivor or successor corporation resulting from such
consolidation or merger or the purchaser of such assets shall assume by written
instrument delivered to each holder of Warrants the obligation to deliver to
such holder such securities or assets as such holder may be entitled to receive,
subject to payment of the Exercise Price. Notwithstanding any other provision
contained herein, the Company may, upon notice and subject to the provisions of
Section 4.03 hereof, terminate the Warrants in the event of a consolidation or
merger described in this Section 3.04.

            Section 3.05 Covenant to Reserve Shares for Issuance on Exercise.
(a) The Company will cause an appropriate number of shares of Common Stock to be
duly and validly authorized and reserved and will keep available out of its
authorized shares of Common Stock, solely for the purpose of issue upon exercise
of Warrants as herein provided, the full number of shares of Common Stock, if
any, then issuable if all outstanding Warrants then exercisable were to be
exercised. The Company covenants that all shares of Common Stock that shall be
so issuable shall be duly and validly issued and, upon payment of the Exercise
Price, fully paid and non-assessable. If at any time the number of authorized
but unissued shares of Common Stock shall not be sufficient for such purpose,
the Company will take such action as, in the opinion of its counsel, may be
necessary to increase its authorized but unissued Common Stock to such number of
shares as shall be sufficient for such purpose. Prior to the issuance of any
Warrant Shares, the Company shall secure the listing of such Warrant Shares upon
any securities exchange upon which shares of Common Stock are then listed, if
any.

            (b) The Company hereby authorizes and directs its current and future
transfer agents for the shares of Common Stock at all times to reserve such
number of authorized shares as shall be requisite for such purpose. The Company
will supply such transfer agents with duly executed stock certificates for such
purposes. Promptly after the date of expiration of the Warrants, no shares shall
be reserved in respect of such Warrants.

            Section 3.06 Statements on Warrants. The form of Warrant Certificate
need not be changed because of any adjustment made pursuant to this Article III,
and Warrant Certificates issued after such adjustment may state the same
Exercise Price and the same number of shares of Common Stock as are stated in
the Warrant Certificates initially issued pursuant to this

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Agreement. The Company, however, may at any time in its sole discretion (which
shall be conclusive) make any change in the form of Warrant Certificate that it
may deem appropriate and that does not affect the substance thereof; and any
Warrant Certificates thereafter issued or countersigned, whether in exchange or
substitution for an outstanding Warrant Certificate or otherwise, may be in the
form as so changed.

            Section 3.07 Notice of Change in Securities Issuable, etc. Whenever
the securities issuable or deliverable in exchange for Warrants are changed
pursuant to this Article III, the Company promptly shall mail to each
Warrantholder a notice, executed by its chief financial officer, setting forth
in reasonable detail the facts requiring the change and specifying the effective
date of such change and the number or amount of, and describing the shares or
other securities issuable or deliverable in exchange for, each Warrant as so
changed. Failure to publish such notice, or any defect in such notice, shall not
affect the legality or validity of any such change.

            Section 3.08 References to Common Stock. Unless the context
otherwise indicates, all references to Common Stock in this Agreement and in the
Warrant Certificates, in the event of a change under this Article III, shall be
deemed to refer also to any other securities issuable or deliverable in exchange
for Warrants pursuant to such change.

                                   ARTICLE IV

           OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANTS

            Section 4.01 No Rights as Shareholders. Nothing contained in this
Agreement or in any Warrant Certificate shall be construed as conferring on any
Warrantholder any rights whatsoever as a shareholder of the Company, including
the right to vote at, or to receive notice of, any meeting of shareholders of
the Company; nor shall the consent of any such holder be required with respect
to any action or proceeding of the Company; nor shall any such holder, by reason
of the ownership or possession of a Warrant or the Warrant Certificate
representing the same, either at, before or after exercising such Warrant, have
any right to receive any cash dividends, stock dividends, allotments or rights,
or other distributions (except as specifically provided herein), paid, allotted
or distributed or distributable to the shareholders of the Company prior to the
date of the exercise of such Warrant, nor shall such holder have any right not
expressly conferred by such holder's Warrant or Warrant Certificate.

            Section 4.02 Mutilated or Missing Warrant Certificates. If any
Warrant Certificate is lost, stolen, mutilated or destroyed, the Company in its
discretion may issue, in exchange and substitution for and upon cancellation of
the mutilated Warrant Certificate, or in lieu of and substitution for the
Warrant Certificate lost, stolen or destroyed, upon receipt of a proper
affidavit or other evidence satisfactory to the Company (and surrender of any
mutilated Warrant Certificate) and bond of indemnity in form and amount and with
corporate surety satisfactory to the Company in each instance protecting the
Company, a new Warrant Certificate of like tenor and exercisable for an
equivalent number of shares of Common Stock as the Warrant Certificate so lost,
stolen, mutilated or destroyed. Any such new Warrant Certificate shall
constitute an original contractual obligation of the Company, whether or not the
allegedly lost, stolen, mutilated or destroyed Warrant Certificate at any time
shall be enforceable by

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anyone. An applicant for such a substitute Warrant Certificate also shall comply
with such other reasonable regulations and pay such other reasonable charges as
the Company may prescribe. All Warrant Certificates shall be held and owned upon
the express condition that the foregoing provisions are exclusive with respect
to the replacement of lost, stolen, mutilated or destroyed Warrant Certificates,
and shall preclude any and all other rights or remedies notwithstanding any law
or statute existing or hereafter enacted to the contrary with respect to the
replacement of negotiable instruments or other securities without their
surrender.

            Section 4.03 Liquidation, Merger, etc.; Notice to Warrantholders.
If: (a) the Company shall authorize the issuance to all holders of Common Stock
of rights or warrants to subscribe for or purchase capital stock of the Company
or of any other subscription rights or warrants; or

            (b) the Company shall authorize the distribution to all holders of
Common Stock of evidences of its indebtedness or assets (other than cash
dividends or cash distributions payable out of current earnings, retained
earnings or earned surplus or dividends payable in Common Stock); or

            (c) there shall be proposed any consolidation or merger to which the
Company is to be a party and for which approval of the holders of Common Stock
is required, or the conveyance or transfer of the properties and assets of the
Company substantially as an entirety, or such other merger or transaction
described in Section 3.04 hereof; or

            (d) there shall be proposed the voluntary or involuntary
dissolution, liquidation or winding up of the Company;

the Company shall cause to be given to each Warrantholder, by first-class mail,
postage prepaid, a written notice stating (i) the date as of which the holders
of record of shares of Common Stock to be entitled to receive any such rights,
warrants or distribution are to be determined or (ii) the date on which any
consolidation, merger, conveyance, transfer, reorganization, reclassification,
dissolution, liquidation or winding up is expected to become effective, and the
date as of which it is expected that holders of record of shares of Common Stock
shall be entitled to exchange the shares for securities or other property, if
any, deliverable upon the consolidation, merger, conveyance, transfer,
reorganization, reclassification, dissolution, liquidation or winding up. Such
notice shall be filed and mailed in the case of a notice pursuant to (i) above
at least ten calendar days before the record date specified and in the case of a
notice pursuant to clause (ii) above at least 20 calendar days before the
earlier of the dates specified. From the time notice is required to be given
pursuant to this Section 4.03, the holders of Warrants shall be entitled to
exercise such Warrants regardless of the provisions of Section 2.01. Unless
assumed by the survivor or successor corporation resulting from any transaction
described in Section 4.03(c) hereof, the Warrants shall expire and be of no
further force or effect upon consummation of such transaction.

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                                    ARTICLE V

                                  MISCELLANEOUS

            Section 5.01 Registration of Warrant Shares. (a) If, at any time
prior to the close of business on the [ ] anniversary of the Effective Date,
there is no registration statement in effect for the Warrant Shares, the
Company, upon the written request of holders of Warrants and of Warrant Shares
representing an aggregate of 50% or more of the Warrant Shares, will file with
the Securities and Exchange Commission under the Securities Act, such
registration statements and amendments thereto and such other filings as may be
required to permit the public offering and sale of such Warrant Shares in
compliance with the Securities Act. The Company shall be required to register
Warrant Shares no more than once pursuant to this Section 5.01(a).

            (b) The Company will permit, subject to the last sentence of this
Section 5.01(b), any Warrant Shares to be included, at the request of the
holders of such Warrant Shares, in any registration of securities of the Company
(other than shares of Common Stock for an employees' option or stock purchase
plan or shares registered on Form S-4 in connection with an arms-length merger
transaction) under a registration statement filed by the Company under the
Securities Act at any time prior to the close of business on the [ ] anniversary
of the Effective Date. The Company shall provide written notice to the record
holders of all Warrants and Warrant Shares at least 30 days prior to the filing
of any such registration statement sent by registered mail to the address of
record of each such holder. If the offering pursuant to any registration
statement described in this Section 5.01(b) is made through underwriters and the
managing underwriter of such offering shall advise the Company in writing that,
in its opinion, the distribution of the number of Warrant Shares requested to be
included in the registration concurrently with the securities being registered
by the Company would materially and adversely affect the distribution of such
securities by the Company, then all selling security holders (but not the
Company) shall reduce the amount of securities each intended to distribute
through such offering on a pro rata basis.

            (c) Each such holder shall pay the underwriting discount
attributable to such holder's Warrant Shares, any transfer tax payable with
respect thereto and the fees and expenses of such holder's counsel. All other
expenses of registration under Section 5.01(a) or Section 5.01(b) shall be borne
by the Company.

            (d) The Company will agree to indemnify the holders of Warrant
Shares that are included in a registration statement or amendments to existing
registration statements pursuant to this Section 5.01 substantially to the same
extent as the Company has agreed to indemnify the Underwriters in the
Underwriting Agreement and such holders will agree to indemnify the Company and
any underwriter with respect to information furnished by them in writing to the
Company for inclusion therein substantially to the same extent as the
Underwriters have indemnified the Company in the Underwriting Agreement.

            (e) If the offering pursuant to any registration statement provided
for herein is made through underwriters, the Company will enter into an
underwriting agreement in customary form and indemnify, in customary form, such
underwriters and each person who

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controls any such underwriter within the meaning of the Securities Act. Such
underwriting agreement shall contain provisions for the indemnification of the
Company in customary form, provided that the aggregate amount that may be
recovered from any such underwriter pursuant to such provisions shall be limited
to the total price at which the Warrant Shares purchased by any such underwriter
under such underwriting agreement were offered to the public.

            Section 5.02 Enforcement of Warrant Rights. All rights of action are
vested in the respective Warrantholders. Any holder of any Warrant, in his own
behalf and for his own benefit, may enforce, and may institute and maintain any
suit, action or proceeding against the Company suitable to enforce, or otherwise
in respect of, his right to exercise his Warrant for the purchase of the number
of Warrant Shares issuable or deliverable in exchange therefor, in the manner
provided in the Warrant and in this Agreement.

            Section 5.03 Negotiability and Ownership. The Warrants issued
hereunder shall not, for a period of [ ] following the Effective Date, be sold,
transferred, assigned or hypothecated by the holders thereof except (a) to
persons who are officers or partners of [ ] and members of the selling group
and/or their officers and partners or (b) in the case of an individual, pursuant
to such individual's last will and testament or the laws of descent and
distribution and, in any case, only in compliance with the Securities Act. For
the period commencing [ ] after the Effective Date until the expiration of the
Warrants, the Warrants issued hereunder shall not be sold, transferred, assigned
or hypothecated by the holders thereof except (a) to [ ], and any of its
affiliates, or any officers, directors, employees or representatives of the
foregoing or (b) in the case of an individual, pursuant to such individual's
last will and testament or the laws of descent and distribution and, in any
case, only in compliance with the Securities Act.

            Section 5.04 Warrant Legend. (a) Each Warrant shall contain a legend
in substantially the following form:

            "THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE
OF THIS WARRANT ARE SUBJECT TO THE CONDITIONS SPECIFIED IN THE AGREEMENT, DATED
[ ], BETWEEN AMERICAN HOME MORTGAGE INVESTMENT CORP. AND [ ]. ANY ATTEMPT TO
TRANSFER THIS WARRANT OR ANY SHARE OF COMMON STOCK ISSUED UPON EXERCISE OF THIS
WARRANT TO ANY UNAUTHORIZED TRANSFEREE, SHALL BE NULL AND VOID. NO TRANSFER IN
VIOLATION OF SAID AGREEMENT SHALL BE EFFECTIVE. THIS WARRANT MAY NOT BE SOLD OR
TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE AND CURRENT REGISTRATION STATEMENT
OR POSTEFFECTIVE AMENDMENT THERETO FOR SUCH SHARES UNDER THE SECURITIES ACT OF
1933 (THE "ACT") OR AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO
THE ISSUER THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT. THE SHARES OF COMMON
STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD OR TRANSFERRED
WITHOUT AN EFFECTIVE AND CURRENT REGISTRATION STATEMENT OR POSTEFFECTIVE
AMENDMENT THERETO FOR SUCH SHARES UNDER THE ACT OR AN OPINION OF COUNSEL IN FORM
AND SUBSTANCE SATISFACTORY TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED UNDER
THIS ACT."

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            (b) Each certificate representing Warrant Shares, unless registered
pursuant to Section 5.01, shall contain a legend substantially in the following
form:

            "THE SHARES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR
TRANSFERRED WITHOUT AN EFFECTIVE AND CURRENT REGISTRATION STATEMENT OR
POSTEFFECTIVE AMENDMENT THERETO FOR SUCH SHARES UNDER THE SECURITIES ACT OF 1933
OR AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER THAT
REGISTRATION IS NOT REQUIRED UNDER THAT ACT. THE SHARES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO THE CONDITIONS SPECIFIED IN THE AGREEMENT, DATED [ ],
BETWEEN AMERICAN HOME MORTGAGE INVESTMENT CORP. AND [ ]. ANY ATTEMPT TO TRANSFER
THE SHARES REPRESENTED BY THIS CERTIFICATE TO ANY UNAUTHORIZED TRANSFEREE, SHALL
BE NULL AND VOID. NO TRANSFER IN VIOLATION OF SAID AGREEMENT SHALL BE
EFFECTIVE."

            Section 5.05 Supplements and Amendments. (a) Notwithstanding the
provisions of Section 5.05(b), the Representative, without the consent or
concurrence of the registered holders of the Warrants, may enter into one or
more supplemental agreements or amendments with the Company for the purpose of
evidencing the rights of Warrantholders upon consolidation, merger, sale,
transfer or reclassification pursuant to Section 3.04, making any changes or
corrections in this Agreement that are required to cure any ambiguity, to
correct or supplement any provision contained herein that may be defective or
inconsistent with any other provision herein or any clerical omission or mistake
or manifest error herein contained, or making such other provisions in regard to
matters or questions arising under this Agreement as shall not adversely affect
the interests of the holders of the Warrants or be inconsistent with this
Agreement or any supplemental agreement or amendment.

            (b) With the consent of the registered holders of at least a
majority in number of the Warrants at the time outstanding, the Company and the
Representative at any time and from time to time by supplemental agreement or
amendment may add any provisions to or change in any manner or eliminate any of
the provisions of this Agreement or of any supplemental agreement or modify in
any manner the rights and obligations of the Warrantholders and of the Company;
provided, however, that no such supplemental agreement or amendment, without the
consent of the registered holder of each outstanding Warrant affected thereby,
shall:

            (i) alter the provisions of this Agreement so as to affect adversely
      the terms upon which the Warrants are exercisable or may be redeemed; or

            (ii) reduce the number of Warrants outstanding the consent of whose
      holders is required for any such supplemental agreement or amendment.

            Section 5.06 Covenant as to No Investment Company Status. The
Company shall use its best efforts, until the [ ] anniversary of the Effective
Date, to maintain its status that it is not an "investment company" or an entity
"controlled" by an "investment company" within the meaning of the Investment
Company Act of 1940.

                                      -10-

<PAGE>

            Section 5.07 Successors and Assigns. All the covenants and
provisions of this Agreement by or for the benefit of the Company or the
Representative shall bind and inure to the benefit of their respective
successors and assigns hereunder.

            Section 5.08 Notices. Any notice or demand authorized by this
Agreement to be given or made by the holder of any Warrant to or on the Company
shall be sufficiently given or made if sent by mail first-class, postage
prepaid, addressed (until another address is filed in writing by the Company
with the Representative), as follows:

            American Home Mortgage Investment Corp.
            520 Broadhollow Road
            Melville, New York  11747
            Attention:  Michael Strauss, President

            Any notice or demand authorized by this Agreement to be given or
made by the holder of any Warrant or by the Company to or on the Representative
shall be sufficiently given or made if sent by mail first-class, postage
prepaid, addressed (until another address is filed in writing by the
Representative with the Company), as follows:

            [Name]
            [Address]
            [Address]

            Any notice or demand authorized by this Agreement to be given or
made to the holder of any Warrants shall be sufficiently given or made if sent
by first-class mail, postage prepaid to the last address of such holder as it
shall appear on the Warrant Register.

            Section 5.09 Applicable Law. The validity, interpretation and
performance of this Agreement and of the Warrant Certificate shall be governed
by the law of the State of New York without giving effect to the principles of
conflicts of laws thereof.

            Section 5.10 Benefits of this Agreement. Nothing in this Agreement
expressed and nothing that may be implied from any of the provisions hereof is
intended, or shall be construed, to confer upon, or give to, any person or
corporation other than the parties hereto and the holders of the Warrants any
right, remedy or claim under or by reason of this Agreement or of any covenant,
condition, stipulation, promise or agreement hereof, and all covenants,
conditions, stipulations, promises and agreements in this Agreement contained
shall be for the sole and exclusive benefit of the parties hereto and their
successors and of the holders of the Warrants.

            Section 5.11 Registered Warrantholders. Prior to due presentment for
registration of transfer, the Company may deem and treat the person in whose
name any Warrants are registered in the Warrant Register as the absolute owner
thereof for all purposes whatever (notwithstanding any notation of ownership or
other writing thereon made by anyone other than the Company) and the Company
shall not be affected by any notice to the contrary or be bound to recognize any
equitable or other claim to or interest in any Warrants on the part of any other
person and shall not be liable for any registration of transfer of Warrants that
are

                                      -11-

<PAGE>

registered or to be registered in the name of a fiduciary or the nominee of a
fiduciary unless made with actual knowledge that a fiduciary or nominee is
committing a breach of trust in requesting such registration of transfer or with
such knowledge of such facts that its participation therein amounts to bad
faith. The terms "Warrantholder" and "holder of any "Warrants" and all other
similar terms used herein shall mean such person in whose name Warrants are
registered in the Warrant Register.

            Section 5.12 Inspection of Agreement. A copy of this Agreement shall
be available at all reasonable times for inspection by any Warrantholder at the
principal office of the Company. The Company may require any such Warrantholder
to submit his Warrant Certificate for inspection by it before allowing such
Warrantholder to inspect a copy of this Agreement.

            Section 5.13 Headings. The Article and Section headings herein are
for convenience only and are not a part of this Agreement and shall not affect
the interpretation thereof.

            Section 5.14 Counterparts. The Agreement may be executed in any
number of counterparts, each of which so executed shall be deemed to be an
original.

                   [THERE IS NO FURTHER TEXT ON THIS PAGE]

                                      -12-

<PAGE>

            IN WITNESS WHEREOF, this Agreement has been duly executed by the
parties hereto under their respective seals as of the day and year first above
written.


                                    AMERICAN HOME MORTGAGE INVESTMENT CORP.



                                    By:_______________________________________
                                      Name:
                                       Title:


[CORPORATE SEAL]



Attest:__________________________
       Name:
       Title:


                                     HOLDER



                                    By:_______________________________________
                                       Name:
                                       Title:


[CORPORATE SEAL]



Attest:__________________________
       Name:
       Title:

<PAGE>

                                                                       Exhibit A

THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS
WARRANT ARE SUBJECT TO THE CONDITIONS SPECIFIED IN THE AGREEMENT, DATED [ ],
BETWEEN AMERICAN HOME MORTGAGE INVESTMENT CORP. AND [ ]. ANY ATTEMPT TO TRANSFER
THIS WARRANT OR ANY SHARE OF COMMON STOCK ISSUED UPON EXERCISE OF THIS WARRANT
TO ANY UNAUTHORIZED TRANSFEREE, SHALL BE NULL AND VOID. NO TRANSFER IN VIOLATION
OF SAID AGREEMENT SHALL BE EFFECTIVE. THIS WARRANT MAY NOT BE SOLD OR
TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE AND CURRENT REGISTRATION STATEMENT
OR POSTEFFECTIVE AMENDMENT THERETO FOR SUCH SHARES UNDER THE SECURITIES ACT OF
1933 (THE "ACT") OR AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO
THE ISSUER THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT. THE SHARES OF COMMON
STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD OR TRANSFERRED
WITHOUT AN EFFECTIVE AND CURRENT REGISTRATION STATEMENT OR POSTEFFECTIVE
AMENDMENT THERETO FOR SUCH SHARES UNDER THE ACT OR AN OPINION OF COUNSEL IN FORM
AND SUBSTANCE SATISFACTORY TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED UNDER
THIS ACT.

                           FORM OF WARRANT CERTIFICATE

No. __________                                              _________ Warrants

                   WARRANTS TO PURCHASE SHARES OF COMMON STOCK
                   OF AMERICAN HOME MORTGAGE INVESTMENT CORP.

            American Home Mortgage Investment Corp., a Maryland corporation (the
"Company"), for value received, hereby certifies that [ ] or its registered
assigns is the owner of the number of Warrants, set forth above, each of which
represents the right, subject to the terms and conditions hereof and of the
Warrant Agreement hereafter referred to (the "Warrant Agreement"), to purchase
from the Company at any time, or from time to time, from the [ ] anniversary of
the date of original issuance of the Warrants to the close of business on the [
] anniversary of such date (or, if such date is not a Business Day (as defined
below), the first following Business Day) (the "Exercise Period"), the number of
shares of Common Stock, par value $0.01 per share, of the Company (the "Common
Stock") described in the Warrant Agreement (each share of Common Stock issuable
upon exercise of a Warrant is referred to as a "Warrant Share"). Subject to the
terms and conditions of the Warrant Agreement, the exercise price per Warrant
represented by this Warrant Certificate shall be $[ ] per share, adjusted as
provided in Article III of the Warrant Agreement, payable in full as to each
Warrant exercised at the time of purchase. The term "Underwriting Agreement" as
used herein refers to the Underwriting Agreement dated [ ] between the Company
and [ ]. The term "Exercise Price" as used herein refers to the foregoing price
per share in effect at any time.

                                      A-1

<PAGE>

            This Warrant may be exercised in whole or in part at any time or
from time to time during the Exercise Period. The portion of any Warrant not
exercised during the Exercise Period shall become void, and all rights hereunder
and all rights in respect hereof and under the Warrant Agreement shall cease at
the end of the Exercise Period.

            Each such purchase of Warrant Shares shall be made, and shall be
deemed effective for the purpose of determining the date of exercise, only upon
surrender hereof to the Company at the principal office of the Company, with the
form of Election to Exercise on the reverse hereof duly filled in and signed,
and upon payment in full to the Company of the Exercise Price (i) in cash or
(ii) by certified or official bank check or (iii) by any combination of the
foregoing, all as provided in the Warrant Agreement and upon compliance with and
subject to the conditions set forth herein and in the Warrant Agreement.

            This Warrant Certificate is issued under and in accordance with the
Warrant Agreement dated as of [ ] (the "Warrant Agreement"), between the Company
and [ ], as representative for the holders, and is subject to the terms and
provisions of the Warrant Agreement, which terms and provisions are hereby
incorporated by reference herein and made a part hereof. Copies of the Warrant
Agreement and of the Underwriting Agreement are available for inspection by the
registered holder at the principal office of the Company.

            The Company shall not be required upon the exercise of the Warrants
represented hereby to issue fractions of Warrant Shares or to distribute share
certificates that evidence fractional Warrant Shares. Every holder of this
Warrant Certificate expressly waives its right to receive any fraction of a
Warrant Share or a share certificate representing a fraction of a Warrant Share.
Fractional Warrant Shares that otherwise would be issuable in respect of such
exercise shall be paid in cash as provided in the Warrant Agreement, and the
number of Warrant Shares issuable to such Warrantholder shall be rounded down to
the next nearest whole number. If such Warrant Certificate shall not have been
exercised in full, the Company will issue to such Warrantholder a new Warrant
Certificate exercisable for the number of shares of Common Stock as to which
such Warrant shall not have been exercised.

            This Warrant Certificate may be exchanged either separately or in
combination with other Warrant Certificates at the principal office of the
Company for new Warrant Certificates representing the same aggregate number of
Warrants as were evidenced by the Warrant Certificate or Warrant Certificates
exchanged, upon surrender of this Warrant Certificate and upon compliance with
and subject to the conditions set forth herein and in the Warrant Agreement.

            This Warrant Certificate is transferable (subject to restrictions
set forth in the Warrant Agreement) at the principal office of the Company by
the registered holder hereof in person or by his attorney duly authorized in
writing, upon (i) surrender of this Warrant Certificate and (ii) upon compliance
with and subject to the conditions set forth herein and in the Warrant
Agreement. Upon any such transfer, a new Warrant Certificate or new Warrant
Certificates of different denominations, representing in the aggregate a like
number of Warrants, will be issued to the transferee. Every holder of Warrants,
by accepting this Warrant Certificate, consents and agrees with the Company and
with every subsequent holder of this Warrant Certificate that until due
presentation for the registration of transfer of this Warrant Certificate on

                                      A-2

<PAGE>

the Warrant Register maintained by the Company, the Company may deem and treat
the person in whose name this Warrant Certificate is registered as the absolute
and lawful owner for all purposes whatsoever and the Company shall not be
affected by any notice to the contrary.

            Nothing contained in the Warrant Agreement or in this Warrant
Certificate shall be construed as conferring on the holder of any Warrants or
his transferee any rights whatsoever as a shareholder of the Company.

            The Warrant Agreement and each Warrant Certificate, including this
Warrant Certificate, shall be deemed a contract made under the laws of the State
of New York and for all purposes shall be construed in accordance with the laws
of the State of New York without giving effect to the principles of conflicts of
law thereof.

                                      A-3

<PAGE>




            IN WITNESS WHEREOF, the Company has caused this Warrant Certificate
to be duly executed under its corporate seal.

Dated:


                                       AMERICAN HOME MORTGAGE
                                          INVESTMENT CORP.



                                       By:____________________________________


(CORPORATE SEAL)



Attest:__________________________

                                      A-4
<PAGE>

                              ELECTION TO EXERCISE

                  (To be executed upon exercise of Warrant)

TO AMERICAN HOME MORTGAGE INVESTMENT CORP.:

            The undersigned hereby irrevocably elects to exercise the right of
purchase represented by the within Warrant Certificate for, and to purchase
thereunder, ____________ shares of Common Stock, as provided for therein, and
tenders herewith payment of the purchase price in full in the form of cash or a
certified or official bank check (or combination thereof) in the amount of
$_______________________.

            Please issue a certificate or certificates for such shares of Common
Stock in the name of:

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE:

_______________________________

                                         Name ________________________________
                                         Address _____________________________
                                         Signature ___________________________
                                         -------------------------------------

                                         Note: The above signature should
                                         correspond exactly with the name on
                                         the face of this Warrant Certificate
                                         or with the name of assignee
                                         appearing in the assignment form
                                         below.

Dated: _________________, ______

<PAGE>

                                   ASSIGNMENT

          (To be executed only upon assignment of Warrant Certificate)

            For value received, __________________________ hereby sells, assigns
and transfer unto ___________________________ the within Warrant Certificate,
together with all right, title and interest therein, and does hereby irrevocably
constitute and appoint ______________________ attorney, to transfer said Warrant
Certificate on the books of the within-named Company, with full power of
substitution in the premises.

Dated:      ________________, ______



                                       _________________________________________
                                       NOTE: The above signature should
                                       correspond exactly with the name on the
                                       face of this Warrant Certificate