I am intending to buy my first ever home in mid 2008 but my credit isn't that good. I have credit cards one of which I'll have to pay by end of November. There are 5 late payments on this card for the past 5 years but the latest was in 2005 december. The other card is 2 years old and I've paid it well. Apart from these cards, I have collection accounts, those are 5 in number (2 will cell phone companies from 2004 and 3 for medical bill non-payment). I also bought a car in the meantime and have paid the loan balance prior to the end of the auto loan term. And I could pay $6500 within just 9 months and there wasn't any late payment; that was way back in 2005. I had earlier taken federal loans (student loans I should say) of around $5500 and I've been on time with the payment there for the last 12 months. So my question is with all the scenario that you get to know here. How hard is it to get a mortgage? I'm expecting a high rate but who doesn't want a favorable payment. But I'd love to buy a house now! For the past 10 years I have been at an rented home and it's just like throwing my hard earned out of the window.