First-time homebuyers should save about 20% of the home's price, considering not just the deposit but also closing, moving, and hidden costs like insurance and taxes. A credit score of at least 620 is needed for conventional loans, with government-backed loans allowing lower scores. Mortgage rates are slightly lower than recent years, making 2026 a decent time to buy if finances are stable. Pre-approval and an emergency fund are essential for managing expenses and unexpected repairs.