**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 Nine Months Ended September 30,** |
|--------------------------------------|--------|---------------------------------------------|
|                                 |   | **2006**                                    |   | **2005** |
|                                 |   | **(Dollars in thousands)**                  |
| **Fixed Charges**                    |   |                                        |   |   |   |   |
| Interest expense                     |   | $                                           | 218,506 |   | $ | 121,549 |
| Capitalized interest expense         |   |                                        | 1,088 |   |   | — |
| Rental expense interest(1)           |   |                                        | 3,109 |   |   | 2,812 |
| Total                                |   | $                                           | 222,703 |   | $ | 124,361 |
| **Earnings**                         |   |                                        |   |   |   |   |
| Pre-tax income                       |   | $                                           | (2,278) |   | $ | (19,706) |
| Income from equity investees         |   |                                        | (911) |   |   | (715) |
| Fixed charges                        |   |                                        | 222,703 |   |   | 124,361 |
| Amortization of capitalized interest |   |                                        | — |   |   | — |
| Minority interest                    |   |                                        | 143 |   |   | 197 |
| Total                                |   | $                                           | 219,657 |   | $ | 104,137 |
|                                 |   |                                        |   |   |   |   |
| **Ratio**                            |   |                                        | **0.99** |   |   | **0.84** |
|                                 |   |                                        |   |   |   |   |
| **Deficiency**                       |   | $                                           | 3,046 |   | $ | 20,224 |

 

_________________________________
|   | (1) | Those portions of rental 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 Nine Months Ended September 30,** |
|                                 |   | **2006**                                    |       | **2005** |
|                                 |   | **(Dollars in thousands)**                  |
| **Fixed Charges**                    |   |                                        |       |     |   |       |
| Interest expense                     |   | $                                           | 30,109     |     | $      | 18,258     |
| Capitalized interest expense         |   |                                        | 1,088      |     |   | —     |
| Rental expense interest(1)           |   |                                        | 3,109      |     |   | 2,812      |
| Total                                |   | $                                           | 34,306     |     | $      | 21,070     |
|                                 |   |                                        |       |     |   |       |
| **Earnings**                         |   |                                        |       |     |   |       |
| Pre-tax income                       |   | $                                           | (58,349)   |     | $      | (62,033)   |
| Income from equity investees         |   |                                        | (911)      |     |   | (715)      |
| Fixed charges                        |   |                                        | 34,306     |     |   | 21,070     |
| Amortization of capitalized interest |   |                                        | —     |     |   | —     |
| Minority interest                    |   |                                        | 143        |     |   | 197        |
| Total                                |   | $                                           | (24,811)   |     | $      | (41,481)   |
| **Ratio**                            |   |                                        | **(0.72)** |     |   | **(1.97)** |
|                                 |   |                                        |       |     |   |       |
| **Deficiency**                       |   | $                                           | 59,117     |     | $      | 62,551     |

 

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