**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 Three Months Ended March 31,** |
|--------------------------------------|--------|------------------------------------------|
|                                 |   | **2006**                                 |   | **2005** |
|                                 |   | **(Dollars in thousands)**               |
| **Fixed Charges**                    |   |                                     |   |   |   |   |
| Interest expense                     |   | $                                        | 64,414 |   | $ | 30,416 |
| Capitalized interest expense         |   |                                     | 303 |   |   | — |
| Rental expense interest              |   |                                     | 1,061 |   |   | 954 |
| Total                                |   | $                                        | 65,778 |   | $ | 31,370 |
|                                 |   |                                     |   |   |   |   |
| **Earnings**                         |   |                                     |   |   |   |   |
| Pre-tax income                       |   | $                                        | 292 |   | $ | (11,066) |
| Income from equity investees         |   | (514)                                    |   |   | (376) |
| Fixed charges                        |   |                                     | 65,778 |   |   | 31,370 |
| Amortization of capitalized interest | — |                                     |   | — |
| Minority interest                    |   |                                     | 52 |   |   | 25 |
| Total                                |   | $                                        | 65,608 |   | $ | 19,953 |
| **Ratio**                            |   |                                     | **1.00** |   |   | **0.64** |
| **Deficiency**                       |   | $                                        | 170 |   | $ | 11,417 |

 

 

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

 
|                                 |   | **For the Three Months Ended March 31,** |
|--------------------------------------|--------|------------------------------------------|
|                                 |   | **2006**                                 |   | **2005** |
|                                 |   | **(Dollars in thousands)**               |
| **Fixed Charges**                    |   |                                     |   |   |   |   |
| Interest expense                     |   | $                                        | 4,707 |   | $ | 5,931 |
| Capitalized interest expense         |   |                                     | 303 |   |   | — |
| Rental expense interest              |   |                                     | 1,061 |   |   | 954 |
| Total                                |   | $                                        | 6,071 |   | $ | 6,885 |
|                                 |   |                                     |   |   |   |   |
| **Earnings**                         |   |                                     |   |   |   |   |
| Pre-tax income                       |   | $                                        | (25,520) |   | $ | (22,117) |
| Income from equity investees         |   | (241)                                    |   |   | (376) |
| Fixed charges                        |   |                                     | 6,071 |   |   | 6,884 |
| Amortization of capitalized interest | — |                                     |   | — |
| Minority interest                    |   |                                     | 52 |   |   | 25 |
| Total                                |   | $                                        | (19,638) |   | $ | (15,584) |
| **Ratio**                            |   |                                     | **(3.23)** |   |   | **(2.26)** |
| **Deficiency**                       |   | $                                        | 25,709 |   | $ | 22,469 |