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                                                                   Exhibit 10.22

                                     FORM OF

                               SAXON CAPITAL, INC.

                             STOCK OPTION AGREEMENT

                                       FOR

                             NON-EMPLOYEE DIRECTORS


         WHEREAS, Thomas Wageman (the "Optionee") is a Non-Employee Director of
Saxon Capital, Inc. (the "Company").

         WHEREAS, the Optionee has been selected by the Board of Directors to
receive an option to purchase shares (the "Shares") of the Company's voting
Common Stock, $0.01 par value per share (the "Common Stock").

         WHEREAS, the option to purchase the Shares is not being made under the
Company's 2001 Stock Incentive Plan.

         WHEREAS, the Board of Directors has on May 31, 2001 authorized the
execution of a stock option agreement in the form hereof (the "Agreement")
effective as of ________ __, ____ (the "Date of Grant").

         NOW THEREFORE, subject to the terms and conditions set forth herein:

         SECTION 1. GRANT OF OPTION.

         (A) OPTION. The Company grants to the Optionee on the Date of Grant the
option (the "Option") to purchase 75,000 Shares at an exercise price per Share
of $10.10 (the "Exercise Price"). The Option is intended to be a nonqualified
stock option and will not be treated as an Incentive Stock Option as that term
is defined in Section 422 of the Code.

         (B) DEFINED TERMS. Capitalized terms are defined in Section 11 of this
Agreement.

         SECTION 2. VESTING; RIGHT TO EXERCISE.

         Subject to the conditions set forth in this Agreement, the Shares under
this Option vest and may be exercised as follows: 25% of the Shares under the
Option may be exercised on the first anniversary of the Date of Grant, 25% of
the Shares under the Option may be exercised on the second anniversary of the
Date of Grant, 25% of the Shares under the Option may be exercised on the third
anniversary of the Date of Grant, and 25% of the Shares under the Option may be
exercised on the fourth anniversary of the Date of Grant; PROVIDED, HOWEVER,
that all of the Shares under the Option shall vest immediately upon a Change in
Control and the manner in which the parties intend to account for the Change in
Control transaction shall have no effect on the acceleration of such vesting.

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         SECTION 3. NO TRANSFER OR ASSIGNMENT OF OPTION.

         Except as otherwise provided in this Agreement, the Option and the
rights and privileges conferred hereby shall not be sold, pledged or otherwise
transferred (whether by operation of law or otherwise) and shall not be subject
to sale under execution, attachment, levy or similar process.

         SECTION 4. EXERCISE PROCEDURES.

         (a) NOTICE OF EXERCISE. The Optionee or the Optionee's representative
may exercise the Option by giving written notice to the Company pursuant to
Section 10(c). The notice shall specify the election to exercise the Option, the
number of Shares for which it is being exercised and the form of payment. The
notice shall be signed by the person exercising the Option. In the event that
the Option is being exercised by the representative of the Optionee, the notice
shall be accompanied by proof (satisfactory to the Company) of the
representative's right to exercise the Option. The Optionee or the Optionee's
representative shall deliver to the Company, at the time of giving the notice,
payment in a form permissible under Section 5 for the full amount of the
Purchase Price.

         (b) ISSUANCE OF SHARES. After receiving a proper notice of exercise,
the Company shall cause to be issued a certificate or certificates for the
Shares as to which the Option has been exercised, registered in the name of the
person exercising the Option (or in the names of such person and his or her
spouse as community property or as joint tenants with right of survivorship).
The Company shall cause such certificate or certificates to be deposited in
escrow or delivered to or upon the order of the person exercising the Option.

         (c) WITHHOLDING TAXES. In the event that the Company determines that it
is required to withhold any tax as a result of the exercise of the Option, the
Optionee, as a condition to the exercise of the Option, shall make arrangements
satisfactory to the Company to enable it to satisfy all withholding
requirements. The Optionee shall also make arrangements satisfactory to the
Company to enable it to satisfy any withholding requirements that may arise in
connection with the vesting or disposition of Shares purchased by exercising the
Option.

         SECTION 5. PAYMENT FOR STOCK.

         (a) CASH. All or part of the Purchase Price may be paid in cash or cash
equivalents.

         (b) SURRENDER OF STOCK. All or any part of the Purchase Price may be
paid by surrendering nonforfeitable and nonrestricted Shares that have been held
by the Optionee for at least six months. Such Shares shall be surrendered to the
Company in good form for transfer and shall be valued at their Fair Market Value
on the date when the Option is exercised. The Optionee shall not surrender
Shares in payment of the Purchase Price if such action would cause the Company
to recognize compensation expense (or additional compensation expense) with
respect to the Option for financial reporting purposes.


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         (c) EXERCISE/SALE. If the Common Stock is publicly traded, all or part
of the Purchase Price and any withholding taxes may be paid by the delivery (on
a form prescribed by the Company) of an irrevocable direction to a securities
broker approved by the Company to sell Shares and to deliver all or part of the
sales proceeds to the Company.

         (d) EXERCISE/PLEDGE. If the Common Stock is publicly traded, all or
part of the Purchase Price and any withholding taxes may be paid by the delivery
(on a form prescribed by the Company) of an irrevocable direction to pledge
Shares to a securities broker or lender approved by the Company, as security for
a loan, and to deliver all or part of the loan proceeds to the Company.

         SECTION 6. TERM AND EXPIRATION.

         (a) BASIC TERM. The Option shall in any event expire on the date 10
years after the Date of Grant.

         (b) TERMINATION OF SERVICE (EXCEPT BY DEATH). If the Optionee's Service
terminates for any reason other than death, then the Option shall expire on the
expiration date determined pursuant to Subsection (a) above. The Optionee may
exercise all or part of the Option at any time before its expiration under the
preceding sentence, but only to the extent that the Option had become
exercisable before the Optionee's Service terminated. When the Optionee's
Service terminates, the Option shall expire immediately with respect to the
number of Shares for which the Option is not yet exercisable. In the event that
the Optionee dies after termination of Service but before the expiration of the
Option, all or part of the Option may be exercised (prior to expiration) by the
executors or administrators of the Optionee's estate or by any person who has
acquired the Option directly from the Optionee by beneficiary designation,
bequest or inheritance, but only to the extent that the Option had become
exercisable before the Optionee's Service terminated.

         (c) DEATH OF THE OPTIONEE. If the Optionee dies while in Service, then
the Option shall expire on the earlier of the following dates:

                  (i) The expiration date determined pursuant to Subsection (a)
         above; or

                  (ii) The date 12 months after the Optionee's death.

All or part of the Option may be exercised at any time before its expiration
under the preceding sentence by the executors or administrators of the
Optionee's estate or by any person who has acquired the Option directly from the
Optionee by beneficiary designation, bequest or inheritance, but only to the
extent that the Option had become exercisable before the Optionee's death.

         SECTION 7. LEGALITY OF INITIAL ISSUANCE.

         No Shares shall be issued upon the exercise of the Option unless and
until the Company has determined that:


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         (a) It and the Optionee have taken any actions required to register the
Shares under the Securities Act or to perfect an exemption from the registration
requirements thereof;

         (b) Any applicable listing requirement of any stock exchange or other
securities market on which Stock is listed has been satisfied; and

         (c) Any other applicable provision of state or federal law has been
satisfied.

         SECTION 8. NO REGISTRATION RIGHTS.

         The Company may, but shall not be obligated to, register or qualify the
sale of Shares under the Securities Act or any other applicable law. The Company
shall not be obligated to take any affirmative action in order to cause the sale
of Shares under this Agreement to comply with any law.

         SECTION 9. RESTRICTIONS ON TRANSFER.

         (a) SECURITIES LAW RESTRICTIONS. Regardless of whether the offering and
sale of Shares have been registered under the Securities Act or have been
registered or qualified under the securities laws of any state, the Company at
its discretion may impose restrictions upon the sale, pledge or other transfer
of such Shares (including the placement of appropriate legends on stock
certificates or the imposition of stop-transfer instructions) if, in the
judgment of the Company, such restrictions are necessary or desirable in order
to achieve compliance with the Securities Act, the securities laws of any state
or any other law.

         (b) MARKET STAND-OFF. In connection with any underwritten public
offering by the Company of its equity securities pursuant to an effective
registration statement filed under the Securities Act, including the Company's
initial public offering, the Optionee shall not directly or indirectly sell,
make any short sale of, loan, hypothecate, pledge, offer, grant or sell any
option or other contract for the purchase of, purchase any option or other
contract for the sale of, or otherwise dispose of or transfer, or agree to
engage in any of the foregoing transactions with respect to, any Shares acquired
under this Agreement without the prior written consent of the Company or its
underwriters. Such restriction (the "Market Stand-Off") shall be in effect for
such period of time following the date of the final prospectus for the offering
as may be requested by the Company or such underwriters. In no event, however,
shall such period exceed 180 days. The Market Stand-Off shall in any event
terminate two years after the date of the Company's initial public offering. In
the event of the declaration of a stock dividend, a spin-off, a stock split, an
adjustment in conversion ratio, a recapitalization or a similar transaction
affecting the Company's outstanding securities without receipt of consideration,
any new, substituted or additional securities which are by reason of such
transaction distributed with respect to any Shares subject to the Market
Stand-Off, or into which such Shares thereby become convertible, shall
immediately be subject to the Market Stand-Off. In order to enforce the Market
Stand-Off, the Company may impose stop-transfer instructions with respect to the
Shares acquired under this Agreement until the end of the applicable stand-off
period. The Company's underwriters shall be beneficiaries of the agreement set
forth in this Subsection (b). This Subsection (b) shall not apply to Shares
registered in the public offering under the Securities Act,


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and the Optionee shall be subject to this Subsection (b) only if the directors
and officers of the Company are subject to similar arrangements.

         (c) INVESTMENT INTENT AT GRANT. The Optionee represents and agrees that
the Shares to be acquired upon exercising the Option will be acquired for
investment, and not with a view to the sale or distribution thereof.

         (d) INVESTMENT INTENT AT EXERCISE. In the event that the sale of Shares
is not registered under the Securities Act but an exemption is available which
requires an investment representation or other representation, the Optionee
shall represent and agree at the time of exercise that the Shares being acquired
upon exercising the Option are being acquired for investment, and not with a
view to the sale or distribution thereof, and shall make such other
representations as are deemed necessary or appropriate by the Company and its
counsel.

         (e) LEGENDS. All certificates evidencing Shares purchased under this
Agreement in an unregistered transaction shall bear the following legend (and
such other restrictive legends as are required or deemed advisable under the
provisions of any applicable law):

                  "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
                  REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT") OR
                  APPLICABLE STATE SECURITIES LAWS (THE "STATE ACTS"), AND SHALL
                  NOT BE SOLD, EXCHANGED, ASSIGNED, PLEDGED, MORTGAGED,
                  HYPOTHECATED, ENCUMBERED, DISPOSED OF, OR OTHERWISE
                  TRANSFERRED, WHETHER VOLUNTARILY OR INVOLUNTARILY, OR BY
                  OPERATION OF LAW, OR WITH OR WITHOUT CONSIDERATION (A
                  "TRANSFER") BY THE HOLDER EXCEPT UPON THE ISSUANCE TO THE
                  COMPANY OF A FAVORABLE OPINION OF ITS COUNSEL AND/OR
                  SUBMISSION TO THE CORPORATION OF SUCH OTHER EVIDENCE AS MAY BE
                  SATISFACTORY TO COUNSEL TO THE COMPANY, TO THE EFFECT THAT ANY
                  SUCH TRANSFER SHALL NOT BE IN VIOLATION OF THE ACT AND THE
                  STATE ACTS."

         (f) REMOVAL OF LEGENDS. If, in the opinion of the Company and its
counsel, any legend placed on a stock certificate representing Shares sold under
this Agreement is no longer required, the holder of such certificate shall be
entitled to exchange such certificate for a certificate representing the same
number of Shares but without such legend.

         (g) ADMINISTRATION. Any determination by the Company and its counsel in
connection with any of the matters set forth in this Section 9 shall be
conclusive and binding on the Optionee and all other persons.

         SECTION 10. MISCELLANEOUS PROVISIONS.


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         (a) RIGHTS AS A STOCKHOLDER. Neither the Optionee nor the Optionee's
representative shall have any rights as a stockholder with respect to any Shares
subject to the Option until the Optionee or the Optionee's representative
becomes entitled to receive such Shares by filing a notice of exercise and
paying the Purchase Price pursuant to Sections 4 and 5.

         (b) NO RETENTION RIGHTS. Nothing in the Option shall confer upon the
Optionee any right to continue in Service for any period of specific duration or
interfere with or otherwise restrict in any way the rights of the Company (or
any Parent or Subsidiary retaining the Optionee) or of the Optionee, which
rights are hereby expressly reserved by each, to terminate his or her Service at
any time and for any reason, with or without cause.

         (c) NOTICE. Any notice required by the terms of this Agreement shall be
given in writing and shall be deemed effective upon personal delivery or upon
deposit with the United States Postal Service, by registered or certified mail,
with postage and fees prepaid. Notice shall be addressed to the Company at its
principal executive office and to the Optionee at the address that he or she
most recently provided to the Company.

         (d) ENTIRE AGREEMENT. The Agreement constitutes the entire contract
between the parties hereto with regard to the subject matter hereof. They
supersede any other agreements, representations or understandings (whether oral
or written and whether express or implied) which relate to the subject matter
hereof.

         (e) CHOICE OF LAW. This Agreement shall be governed by, and construed
in accordance with, the laws of the State of Delaware, as such laws are applied
to contracts entered into and performed in such State, without giving effect to
the choice of law provisions thereof.

         (f) COUNTERPARTS. This Agreement may be executed simultaneously in one
or more counterparts, each of which shall be deemed an original, but all of
which shall constitute but one and the same instrument.

         SECTION 11. DEFINITIONS.

         (a) "BOARD OF DIRECTORS" shall mean the Board of Directors of the
Company, as constituted from time to time or, if a Committee has been appointed,
such Committee.

         (b) "CHANGE IN CONTROL" shall mean:

                  (i) The consummation of a merger or consolidation of the
         Company with or into another entity or any other corporate
         reorganization, if more than 50% of the combined voting power of the
         continuing or surviving entity's securities outstanding immediately
         after such merger, consolidation or other reorganization is owned by
         persons who were not stockholders of the Company immediately prior to
         such merger, consolidation or other reorganization; PROVIDED, HOWEVER,
         that a public offering of the Company's securities shall not constitute
         a corporate reorganization;

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                  (ii) The sale, transfer, or other disposition of all or
         substantially all of the Company's assets;

                  (iii) A change in the composition of the Board of Directors,
         as a result of which fewer than 50% of the incumbent directors are
         directors who either (x) had been directors of the Company on the date
         24 months prior to the date of the event that may constitute a Change
         in Control (the "original directors") or (y) were elected, or nominated
         for election, to the Board of Directors with the affirmative votes of
         at least a majority of the aggregate of the original directors who were
         still in office at the time of the election or nomination and the
         directors whose election or nomination was previously so approved; or

                  (iv) Any transaction as a result of which any person is the
         "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act),
         directly or indirectly, of securities of the Company representing at
         least 30% of the total voting power represented by the Company's then
         outstanding voting securities. For purposes of this Paragraph (iv), the
         term "person" shall have the same meaning as when used in sections
         13(d) and 14(d) of the Securities Exchange Act of 1934, as amended, but
         shall exclude (x) a trustee or other fiduciary holding securities under
         an employee benefit plan of the Company or of a Parent or Subsidiary
         and (y) a corporation owned directly or indirectly by the stockholders
         of the Company in substantially the same proportions as their ownership
         of the common stock of the Company.

         Notwithstanding the foregoing, a transaction shall not constitute a
Change in Control if its sole purpose is to change the state of the Company's
incorporation or to create a holding company that will be owned in substantially
the same proportions by the persons who held the Company's securities
immediately before such transaction.

         (c) "CODE" shall mean the Internal Revenue Code of 1986, as amended.

         (d) "DISABILITY" shall mean that the Optionee is unable to engage in
any substantial gainful activity by reason of any medically determinable
physical or mental impairment.

         (e) "EMPLOYEE" shall mean any individual who is a common-law employee
of the Company, a Parent, or a Subsidiary.

         (f) "FAIR MARKET VALUE" shall mean the market price of Common Shares,
determined by the Board of Directors in good faith on such basis as it deems
appropriate. Whenever possible, the determination of Fair Market Value by the
Board of Directors shall be based on the prices reported in the Wall Street
Journal or any other nationally recognized newspaper. Such determination shall
be conclusive and binding on all persons.

         (g) "NON-EMPLOYEE DIRECTOR" shall mean a member of the Board of
Directors who is not an Employee.


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         (h) "PARENT" shall mean any corporation (other than the Company) in an
unbroken chain of corporations ending with the Company, if each of the
corporations other than the Company owns stock possessing 50% or more of the
total combined voting power of all classes of stock in one of the other
corporations in such chain.

         (i) "PURCHASE PRICE" shall mean the Exercise Price multiplied by the
number of Shares with respect to which the Option is being exercised.

         (j) "SECURITIES ACT" shall mean the Securities Act of 1933, as amended.

         (k) "SERVICE" shall mean service as an Non-Employee Director.

         (l) "SUBSIDIARY" shall mean any corporation (other than the Company) in
an unbroken chain of corporations beginning with the Company, if each of the
corporations other than the last corporation in the unbroken chain owns stock
possessing 50% or more of the total combined voting power of all classes of
stock in one of the other corporations in such chain.


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This Agreement is executed by the Company on this ____ day ____________, 2001,
effective as of the Date of Grant.

                                        SAXON CAPITAL, INC.



                                        ------------------------------
                                        By:
                                        Title:


         The undersigned Optionee hereby acknowledges receipt of an executed
original of this Agreement and accepts the Option granted hereunder, subject to
the terms and conditions hereinabove set forth.

                                         -------------------------------
                                         Thomas Wageman, Optionee

                                         Date:___________________________


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