I've had credit problems in the past. Does this impact my chances of
getting a home loan?
Obtaining a home loan is possible even with extremely poor credit. If you have
had credit problems in the past, a lender will consider you to be a risky borrower
to lend to. To compensate for this added risk, the lender will charge you a
higher interest rate and usually expect you to pay a higher down payment on
your home purchase (typically 20-50% down). The worse your credit is, the more
you can expect to pay for an interest rate and a down payment. Not all lenders
choose to lend to risky borrowers, so you may have to contact several before
finding one that will.