The news was expected, but I think the increase was more than expected. The average increase is in excess of 6.8% for Conventional and 6.9% for FHA. The new limits are available now for Conventional Loans closing in 2018 and FHA loans with case number issued in 2018.
Above the loan limits shown on table bellow it is considered non-conforming, and called a Jumbo loan. We can offer 5% down-payment Jumbo loan for more expensive properties.