EXHIBIT 12.2

Computation of Earnings to Combined Fixed Charges and Preferred Stock Dividends

The following table sets forth HomeBanc Corp.s
consolidated ratios of earnings to combined fixed charges and preferred stock dividends for the periods shown:



|                                                  |  |                                      |         |   |      |   |        |  
|------------------------------------------------- |  | ------------------------------------ | ------- | - | ---- | - | ------ | -
|                                                  |  | For the Three Months Ended March 31, |        
|                                                  |  | 2007                                 |         |   | 2006 |  
|                                                  |  | (Dollars in thousands)               |        
|Fixed Charges                                     |  |                                      |         |   |      |   |        |  
|Interest expense                                  |  | $                                    | 83,974  |   |      | $ | 61,508 |  
|Capitalized interest expense                      |  |                                      | 416     |   |      |   | 303    |  
|Rental expense interest(1)                        |  |                                      | 1,100   |   |      |   | 1,061  |  
|                                                  |  |                                      |         |   |      |   |        |  
|Total                                             |  |                                      | 85,490  |   |      |   | 62,872 |  
|                                                  |  |                                      |         |   |      |   |        |  
|Preferred Stock Dividends                         |  |                                      | 1,250   |   |      |   | 736    |  
|                                                  |  |                                      |         |   |      |   |        |  
|Total Fixed Charges and Preferred Stock Dividends |  | $                                    | 86,740  |   |      | $ | 63,608 |  
|                                                  |  |                                      |         |   |      |   |        |  
|                                                  |  |                                     
|Earnings                                          |  |                                      |         |   |      |   |        |  
|Pre-tax (loss) income                             |  | $                                    | (18,623 | ) |      | $ | 290    |  
|Income from equity investees                      |  |                                      | (492    | ) |      |   | (514   | )
|Fixed charges                                     |  |                                      | 85,490  |   |      |   | 62,872 |  
|Amortization of capitalized interest              |  |                                      |        |   |      |   |       |  
|Minority interest                                 |  |                                      | 61      |   |      |   | 52     |  
|                                                  |  |                                      |         |   |      |   |        |  
|Total                                             |  | $                                    | 66,436  |   |      | $ | 62,700 |  
|                                                  |  |                                      |         |   |      |   |        |  
|                                                  |  |                                     
|Ratio                                             |  |                                      | 0.77    |   |      |   | 0.99   |  
|                                                  |  |                                      |         |   |      |   |        |  
|                                                  |  |                                     
|Deficiency                                        |  | $                                    | 20,304  |   |      | $ | 908    |  
|                                                  |  |                                      |         |   |      |   |        |  

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