Brazilian mortgages in 2026: the SFH ceiling rises, and what that means in Floripa

Two opposite movements in the same year

2026 brought Brazilian mortgage lending two things that pull in different directions. On one side, rules that widen access. On the other, a Central Bank survey in which the banks themselves expect tighter supply from the third quarter, citing lower risk appetite and concern about defaults.

Both are true at once, and if you are buying in Florianópolis it is worth knowing which one applies to you.

What widened

• The SFH valuation ceiling rose to R$2.25 million. The Housing Finance System is what allows the use of FGTS and carries the lowest rates; above that ceiling a purchase falls into SFI, on worse terms.
• The 80% loan-to-value quota returned for resale properties, reducing the deposit required.
• The Central Bank released R$36.9 billion in reserve requirements to feed housing credit, after two years of scarce funding.

The effect shows in the numbers: SBPE lending for properties above R$600,000 grew 29% in the first half of 2026 against the same period a year earlier, reaching R$93.7 billion.

Why the SFH ceiling matters so much here

Florianópolis has an average asking price already above R$12,600 per square metre. At that level, a three-bedroom apartment in an established neighbourhood reaches — or passes — the SFH ceiling easily.

That is the practical difference the new rule makes: buying a R$2.1 million property inside SFH is not the same transaction as buying it outside. Before negotiating price, work out which side of the ceiling the deal falls on; it moves the monthly payment far more than a discount will.

The model being tested

In parallel, the Central Bank is working on a new housing finance model, to be tested from 2026, promising lower rates towards 2027. It is a structural change in how credit is funded — today dependent on savings deposits — and still under discussion: useful for judging the horizon, not for basing this month's decision on.

And the foreign buyer

A non-resident faces a different picture: access to Brazilian bank credit is limited, and in practice a large share of international purchases in Florianópolis close in cash or with the developer's own instalments on off-plan units. The rules above still matter, but indirectly: they move local demand, and local demand sets the price of the property you are looking at.

What to check before signing

1. Which side of the SFH ceiling the property sits on.
2. Whether you are buying resale or off-plan, because the loan quota and the payment schedule are nothing alike.
3. The calendar. If banks tighten from the third quarter, having credit approved beforehand is worth more than a few points of negotiation afterwards.