RE newcomer

Figure out what you can afford is the starting point. You can probably buy something you can't afford -- don't do it! I bailed a friend out who did that, got him to sell before he went into foreclosure.

Read "The New York Co-op Bible" by Sylvia Shapiro. Excellent overview of buying in NYC.

i am a 1st time homebuyer as well. i sat down with my financial advisor/accountant to figure out how much i can afford. i got free copies of my credit report from all 3 credit bureaus and also compute how much i can afford to pay in mortgage per month. and i started saving as much as i can for down payment + closing costs + miscellaneous expenses. and i started going to tons of open houses just to compare located, price, and amenities. i've heard tons of horror stories regarding co-op boards. on the other hand, coops are a lot cheaper than condos. i now spend my spare time looking at apartments. i have 9 brokers taking me to see tons of apartments since november. if one broker drops me, i just get another one. it's actually amazing what these brokers will do to earn your $$$ especially when there's about 27,000 brokers in nyc alone.

DEFINITELY start checking your credit reports. If there is anything incorrect or bad, it can take a while to get it taken care of. Also start checking out neighborhoood and apartments and prices in the meantime.

I would like to add that #3's suggestion is ABSOLUTELY EXCELLENT. It's the first book I read when I wanted to buy initially in NYC, and that book STILL is the best starter book I've ever seen!!!! I still refer to it from time to time.

Regarding your credit, excellent idea #5. Everyone should read Liz Pulliam Weston's "Your Credit Score" regardless of whether they are first time buyers! We found a mistake in our credit report and while it didn't affect getting a prime mortgage rate, it certainly could have affected us being approved by the co-op board. Her book is the best on the subject and a must read!

I tried to find the book and couldn't any site where i can find it

Amazon.com

when you say you helped your friend avoid foreclosure can you explain? i am new as well and do not even understand how someone gets to foreclosure. do they have subprime mortgages and their rates hike up? do they experience unexpected expenses on their home? pls explain

Hi #10, this is #2. My friend got a mortgage he should not have been granted--he was/is a NINA, No Income, No Assets. His plan was to rent the place and make $. It was at a good interest rate, I still don't know how he pulled this off. But he did, in Queens. Soon the renter stopped paying rent, friend was in denial for a time. Ultimately I paid to get recent sales data on comparable properties, and detailed info on foreclosure, and convinced him to sell (at more than he paid). He used Foxton's and did well. He got out OK, he would have foreclosured fer sure cuz he was selling everything he had on eBay just to pay the mortgage.
Don't do that! As reported elsewhere on this site, it's possible to get banks to loan you more than you can possibly repay. Add up your monthly income and expenses, cut yourself a little slack, be realistic. Write the numbers down!

thanks #10 i copied your post and sent it to my husband. take care

OP here - thanks for all the good info. I'll start reading asap.