If statute of limitations has run out and I am not bound to a loan any longer does that effect my credit? Would I be able to buy a home under my name.

A credit reporting agency can report negative information for 6 years from the date of write-off. The basic limitation period has been reduced in from 7 to 2 years in many Canadian jurisdictions. It is possible for a statute barred debt to be reported in a CB file. It may be difficult for you to buy a home considering your credit report.