First-time homebuyers are a distinct group of consumers that attract attention from industry advocates, market experts, and policymakers.  Over the last twenty years, surveys report that between 35 and 45 percent of principal home purchases are by first-time homebuyers.  National, state, and local governments have offered encouragement for first-time homeownership through tax credits, exemptions, and subsidies.  This paper provides an overview of first-time homebuyers by focusing on their characteristics and loan performance.  The study begins by illustrating that first-time homebuyers differ from repeat buyers in their household characteristics (income, age, and credit score) and purchase characteristics (property value and loan amount).  The results are extended to show that location is another important factor; first-time homebuyers can face greater financial challenges in high-cost, urban areas.  After describing the characteristics of first-time homebuyers, the study transitions to their loan performance.  Loan payments risk termination when homeowners 1) skip monthly payments (particularly if they default on their mortgage obligations), 2) sell their homes, or 3) refinance their mortgages.  We document the extent to which properties of first-time homebuyer properties are sold in short sales, foreclosures, or regular market transactions.  By providing information about the characteristics and performance of first-time homebuyers, this paper provides empirical evidence about a popular but relatively unstudied aspect of homeownership and housing finance.