Buying a home for the first time is a significant financial decision that requires effective financial management, including setting aside emergency funds and ensuring the ability to handle monthly mortgage payments. First-time homebuyers can benefit from special loan programs like FHA, USDA, and HomePath ReadyBuyer. A good credit score is crucial for qualifying for favorable mortgage terms. It's essential to assess affordability, save for down payments and closing costs, and prepare for ongoing homeownership expenses. Despite the commitment, homeownership can be a rewarding experience.