SO YOU THINK you're ready to buy your first home? Buying a home can be intimidating. Add the complexity of the New York City market - and concerns that the U.S. is in the midst of a housing bubble and your landlord may not seem so bad after all. However, with little guidance, the process can be less stressful. Money, money, money Check your credit report first. "Younger people will say, 'I wasn't always consistent about paying my student loan when I first got out of college,'" said Bob Moulton, president of Americana Mortgage Group in Manhasset, Long Island. Your credit score will show how much of a down payment a bank may require. "If a credit score isn't above 720, a lender is probably going to ask for a bigger down payment," Moulton said. Buyers should organize financial documents such as the previous year's tax return, bank statements and financial sheets that detail assets and liabilities, said Sara Rotter, sales manager at CitiHabitats, a brokerage in Manhattan. "It's always good to have more information than you need and to be prepared," Rotter said. If you buy a coop, for example, the building's board will often require more information than the lender. It's also a good idea to get pre-approved for a mortgage before looking for a place. When you meet with a mortgage broker, know if funds will be available from relatives to help with a down payment, Moulton said. Recently, he's seen young clients get $100,000 down payments from parents. Co-signing is less popular because low interest rates are making it easier to obtain loans without help and many young buyers don't want to have someone else on the deed. Knowing as much about your finances "really saves a lot of time because you're looking in the appropriate price range," Rotter said. Also, when there's more than one offer, the buyer who has all of her information is often the one who gets the property, she said. The home hunt Serious buyers should assess the market before calling a mortgage broker. Check out real estate classifieds and broker Web sites, Rotter advises. "It's good to view a lot of different company Web sites to get a general feel for the market," Rotter said. "It's smart to evaluate what else in the market is selling at to make sure you're buying at a reasonable price," she said. "If you find an apartment that's way under the average selling price per square foot if there's nothing obviously wrong that's probably a great value." Once you've done your initial research and gotten pre-approved, find a broker and start looking. Before choosing a broker, you should interview a few to find someone whom you are comfortable with, said Sal Strazzullo of the Strazzullo Law Firm, with offices in Manhattan, Brooklyn and Staten Island. Like Strazzullo, Rotter also emphasizes the importance of a good agent- client relationship. "You should find someone you like and trust," Rotter said. "There are lot of ups and downs and you want to have faith that they can help you through." The roller coaster can include co-op board approvals and bidding wars. A good broker will ensure that you meet deadlines for co-op board meetings or will be honest with you if won't. Rotter said. Legal aid Buyers should see an attorney before they start looking at properties, Strazzullo said. As part of a free consultation, the attorney can provide information on closing costs ahead of time and can even provide referrals to real estate agents that other clients have liked. If you find a property the first day you look, the seller has to have someone to send a contract to; if you don't have a lawyer, the process could be delayed, Strazzullo said. OTHER TIPS Use a mortgage broker who is familiar with the New York landscape. If you think that you will hold on to property for at least five or 10 years, fixed-rate mortgage, might be more prudent. Self-employed people such as free lancers should be prepared to have a bigger down payment and get a letter from an accountant verifying their income over the previous two years. This simple formula can help you determine how much you can afford: Taxable Income x 3.5 + Down payment. Keep in mind that the period from when your offer is accepted to closing could be as much as 90 days. AMERICANA MORTGAGE GROUP, CITI HABITATS Buyers should protect themselves by hiring an inspector who under stands New York codes and by order ing an engineer's report, he said. New York's "buyer beware" law makes it the buyer's responsibility to ensure a property is sound. If the report reveals problems, it could provide a good basis for re negotiation. Strazzullo said. He advis es against taking inspector referrals from your attorney because if prob lems are found later, the inspector may be liable. It's important to remember that the attorney is there to look out for your best interests, Strazzullo said. "The attorney is the only one obli gated by law to have a fiduciary duty to you," Strazzullo said. "A real estate agent is only going to tell you what you want to hear. Their commission is based on the sale."