Navigating Homeownership? Credit Unions Are Here to Help
CrossState & Penn East FCU joined PA Newsmakers to discuss what first-time homebuyers need to know in 2025
Penn East Federal Credit Union CEO Marie Beggin and CrossState’s SVP of Government Relations and Advocacy Christina Mihalik joined the set of PA Newsmakers on June 12 to help demystify one of the biggest financial decisions many consumers will ever make—buying a home.
Their Homeownership 101 segment offered practical advice for first-time buyers and insights into today’s challenging housing market, while showcasing how credit unions can be trusted partners in helping members achieve the dream of homeownership.
Current Trends in Homeownership
Beggin and Mihalik noted that the national homeownership rate has fallen to 65.1%, its lowest point in five years. Higher mortgage rates, rising home prices, and limited inventory—especially affordable starter homes—have made entering the market more difficult. First-time buyers now make up just 24% of home purchases, down from 32% last year.
Who’s Buying?
Baby Boomers and Gen X currently represent the largest share of buyers, but younger generations are still entering the market with 71% of younger Millennials and 62% of Gen Z buyers are purchasing their first home.
Top Tips for First-Time Buyers
The segment offered actionable advice for those preparing to buy a home:
- Check and improve your credit. A FICO score of 620+ is generally needed for a mortgage; improving your score can mean better rates.
- Check and improve your credit. A FICO score of 620+ is generally needed for a mortgage; improving your score can mean better rates.
- Understand your budget. Factor in all costs: down payment, monthly payments, taxes, insurance, and ongoing maintenance.
- Get pre-approved. A verified pre-approval strengthens your offer and clarifies your buying power.
- Save for your down payment and closing costs. First-time buyers typically put down 7-8%, but aiming for 20% helps avoid PMI.
- Leverage credit union advantages. Credit unions often offer lower rates, fewer fees, and more personalized service than large banks.
- Shop smart. Stay within your budget and work with a knowledgeable realtor.
- Plan for post-closing costs. Build an emergency fund and be ready for ongoing maintenance and unexpected expenses.
Why Credit Unions Matter
Beggin and Mihalik emphasized that credit unions are uniquely positioned to help members navigate today’s housing market. From personalized mortgage guidance to homebuyer education and down payment assistance programs, credit unions provide trusted support for members through every step of the homebuying journey.
Watch for the full segment airing soon on PA Newsmakers, and share this information with your members, especially younger audiences who may be unsure where to start. Credit unions can be the partner that makes homeownership possible.