This is the deal of the century and first time buyers are the lucky ones. When I purchased my first home 8 years ago the market was similar, great rates and we got a killer deal on a foreclosure home. After fixing up the home and strategically selling it at peak market before the 2005 downturn, the sweat equity put into the home really, really paid off.
I call the first home purchase a "step home". (See Video Link) I call it a "step home" because it's the first step to building your equity in an investment that will eventually lead you to your dream home in 5-10 years.
But be smart about it! If you've just lost your job and the timing isn't quite right for you now, then it's not YOUR time and you shouldn't feel pressured. Only YOU know when the time is right for YOU and your family.
This year I've worked with more first time buyers than any of the 8 years I've been in real estate. This has been the year of the first time buyer!