Yes, patience is key.
My DS1 is in year 5 and is dyslexic. He was a total lost puppy in year 1, his y2 teacher picked up on his dyslexia and was screened. He got great help at school and for the past two years has had weekly tution at Dyslexia Action, he has just got funding for year 6 for 2 hours a week in school.
He has gone from being able to do little and being incredibly frustrated to being able to read and write really well, he still struggles but he has the back up, knowledge & understanding to work thing out, get help when needed and most importantly it has not stopped him from being a part of everyday school and enjoying it.
He read a whole Diary of a Wimpey Kid book in one weekend last month, the typeface text is great for him to read! So as a Mum we all want to make it better for them and help, and you can, just not overnight. Little and often is the key. Have school put him on an Indidvidual Education Plan (IEP)? They may do this in y1. Have they given you any pointers on what you could to help? Home should be a place of warmth and safety, not more hassle about words and stuff, he needs to know that when he comes home he can relax about it all, not have Mum banging on about phonics and blending etc. Saying that, you can do simple stuff at home, a few words spelt out at bathtime, looking at the sports pages of the paper (my DS loves to look at Man Utd stuff in the paper, he can't read it all, but loves to try and enjoys). We would sound out a spell rude words eg; poo, plop, trump, wee, bum etc etc to make it fun!
Honestly don't be sad, it is the best time to be dyslexic, so much more help about it all and the age of the computer etc!
watch this, good but may make you cry -