Buying a home for the first time can be exciting yet overwhelming due to common mistakes. Key pitfalls include inadequate financial planning, such as not accounting for taxes and maintenance costs, and ignoring the impact of credit scores on mortgage approval. First-time buyers often skip pre-approval, overlook loan options, and fail to utilize down payment assistance programs. Additionally, miscalculating closing costs and making significant financial changes before closing can jeopardize loan approval. Thorough preparation and informed decisions are essential for a successful home purchase.