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Blog  | Archives for November 2022

Just Announced: Increased Conforming Loan Limits For 2023

Get more buying power for your next home with the latest conforming loan limit increase in 2023

New conforming loan limits have just been announced that could have a large impact on your next home purchase! Homebuyers may now borrow up to $726,200 in most counties and up to $1,089,300 in higher-cost areas. This fantastic news follows an increase to $548,250 in 2021 and an additional increase to $647,000 in 2022. That’s a 32% total increase in only two years, which is representative of much higher potential buying power for many borrowers.

Read the official announcement from FHFA.


For the latest news and to see how you can leverage these increases on your next home loan, make sure to contact your Southern Trust Loan Officer today!

Blog  | Archives for November 2022

Just Announced: New Credit Scoring Models Coming Soon

Let's dive into how changes to credit score monitoring could affect you.

Are you looking to purchase or refinance a property, but want to ensure you snag the best possible home loan terms? Now is the time to act! The Federal Housing Finance Agency (FHFA) just announced the approval of two new credit scoring models, the FICO 10T and the VantageScore 4.0, to be implemented over a multi-year period.

This is great news for potential homeowners, as the new changes aim to fix a lot of current credit scoring errors and will improve the management of credit risk while also responsibly and sustainably expanding access to credit for borrowers with less robust credit histories!

Benefits for Homebuyers*:
  • Non-Traditional Trade Lines that are reported will now be calculated into scores! These include payments relating to:
    • Rent
    • Phone Bills
    • Insurance Payments
    • And more!
  • Non-medical paid collections will no longer affect scores, leading to an instant boost
  • FICO 10T and VantageScore 4.0 both provide more accurate credit scores than Classic FICO
  • Overall increase in scores for the majority of borrowers
  • Expanded access to credit for borrowers with less robust credit histories
  • Now able to see trended data in the calculation of the scores
  • Dormant credit will now be counted

*All information is subject to change. Please contact your loan officer for the most up-to-date list of changes.


As always, our in-house credit specialist will continue to monitor this announcement and provide continuous updates as more information is released. For the latest news, make sure to contact your Southern Trust Loan Officer today!

Blog  | Archives for November 2022

5 Reasons To Buy New Construction For Your Next Home

In today's market, new construction homes offer more benefits than ever before.

Depending on what’s important to you, you may find that the advantages of a new construction home outweigh the benefits of a used alternative. But what exactly are those advantages? Read on for 5 reasons you should consider buying new construction.

1. Low Maintenance

New construction homes come with a significant financial benefit: low maintenance costs. With modern plumbing, appliances, and central heating and air, a new construction home can leave you worry-free for several years while getting to enjoy the full lifespan of your appliances.

Built following the latest building codes and safety regulations, new construction homes are engineered to require less care and maintenance. With less to worry about and fewer unexpected out-of-pocket expenses after move-in, you can spend time enjoying your new home and exploring your new community rather than making repairs and updates to an existing home.

2. Move-In Ready

New construction homes are a great option for homebuyers who want a simple and stress-free move-in day. With a new construction home, you can trust everything is updated, your plumbing will work, and you won’t have any foundation problems that must be fixed beforehand.

You also don’t have to worry about missing appliances, as new construction homes often come with them already installed. Depending on your builder, you could have your dishwasher, refrigerator, microwave, washer/dryer, and stovetop/oven hooked up and ready to go when you move in.

3. New Home Warranties

There’s nothing better than knowing the most important purchase you’ve made to date will be protected. After all, the home-buying process is stressful enough as is, without adding repairs and other issues to the list!

Just like when you purchase a new car, a new construction home – and everything in it – often comes with a warranty. This means you can buy with confidence knowing the builder will cover the cost of any issues during the warranty period, which oftentimes lasts up to a year! This is unlike a pre-owned home where you may not know about hidden defects or problems until after you’ve signed on the dotted line – and you’re left to front the bill.

4. Built to Fit Your Style

There’s no stained carpet, rooms covered in wallpaper, or questionable additions you’ll have to change as soon as you move in. Working with a builder and a loan officer that specializes in new construction allows you to put your touch on your home without having to lift a finger at move-in.

Typically, a new construction home lets you design a space that fits your style. Whether you choose granite countertops in the kitchen, finished wooden cabinets, or palatable neutral wall color, your home will be finished in a way that’s tailored to your preferences.

5. They’re More Energy Efficient

Older homes are notoriously difficult to heat and cool. With modern construction and the integration of advanced technologies, new homes come with the added benefit of being energy efficient. Because these properties are built with the latest construction materials and building practices, new construction homeowners often reap the benefits of lower energy bills as compared to their pre-owned home counterparts.

Most new construction homes are certified by a third-party home energy rater, which requires the property to meet specified energy standards and requirements. This means the home will include insulated ceilings and walls, which helps to reduce heat loss in the winter and keep your home cool and comfortable during the warmer months.


Are you looking to buy a new construction home? With a robust team of loan officers and construction specialists, we’re ready to make your new build dreams happen. Visit our homepage today to get started!

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