**EXHIBIT 12.1**

 

**Computation of Earnings to Fixed Charges**

 

The following table sets forth HomeBanc Corp.’s consolidated ratios of earnings to fixed charges for the periods shown:

 
|                                 |   | **For the Six Months Ended June 30,** |
|--------------------------------------|--------|---------------------------------------|
|                                 |   | **2006**                              |   | **2005** |
|                                 |   | **(Dollars in thousands)**            |
| **Fixed Charges**                    |   |                                  |   |   |   |   |
| Interest expense                     |   | $                                     | 137,920 |   | $ | 71,047 |
| Capitalized interest expense         |   |                                  | 676 |   |   | — |
| Rental expense interest(1)           |   |                                  | 2,082 |   |   | 1,884 |
| Total                                |   | $                                     | 140,678 |   | $ | 72,931 |
| **Earnings**                         |   |                                  |   |   |   |   |
| Pre-tax income                       |   | $                                     | 34 |   | $ | (16,372) |
| Income from equity investees         |   |                                  | (402) |   |   | (514) |
| Fixed charges                        |   |                                  | 140,678 |   |   | 72,931 |
| Amortization of capitalized interest |   |                                  | — |   |   | — |
| Minority interest                    |   |                                  | 94 |   |   | 125 |
| Total                                |   | $                                     | 140,404 |   | $ | 56,170 |
|                                 |   |                                  |   |   |   |   |
| **Ratio**                            |   |                                  | **1.00** |   |   | **0.77** |
|                                 |   |                                  |   |   |   |   |
| **Deficiency**                       |   | $                                     | — |   | $ | 16,761 |

 

_________________________________
|   | (1) | Those portions of rent expense that are representative of interest cost. |
|--------|-----|--------------------------------------------------------------------------|

 

The following table sets forth HBMC’s ratios of earnings to fixed charges for the periods shown:

 
|                                 |   | **For the Six Months Ended June 30,** |
|--------------------------------------|--------|---------------------------------------|
|                                 |   | **2006**                              |   | **2005** |
|                                 |   | **(Dollars in thousands)**            |
| **Fixed Charges**                    |   |                                  |   |   |   |   |
| Interest expense                     |   | $                                     | 18,809 |   | $ | 11,707 |
| Capitalized interest expense         |   |                                  | 676 |   |   | — |
| Rental expense interest(1)           |   |                                  | 2,082 |   |   | 1,884 |
| Total                                |   | $                                     | 21,567 |   | $ | 13,591 |
|                                 |   |                                  |   |   |   |   |
| **Earnings**                         |   |                                  |   |   |   |   |
| Pre-tax income                       |   | $                                     | (41,718) |   | $ | (40,536) |
| Income from equity investees         |   |                                  | (402) |   |   | (514) |
| Fixed charges                        |   |                                  | 21,567 |   |   | 13,591 |
| Amortization of capitalized interest |   |                                  | — |   |   | — |
| Minority interest                    |   |                                  | 94 |   |   | 125 |
| Total                                |   | $                                     | (20,459) |   | $ | (27,334) |
| **Ratio**                            |   |                                  | **(0.95)** |   |   | **(2.01)** |
|                                 |   |                                  |   |   |   |   |
| **Deficiency**                       |   | $                                     | 42,026 |   | $ | 40,925 |

 

______________________________
|   | (1) | Those portions of rent expense that are representative of interest cost. |
|--------|-----|--------------------------------------------------------------------------|