Proposing a constitutional amendment to increase the debt limit for refinancing a Texas homestead loan.

This bill proposes a constitutional amendment to increase the debt limit for refinancing a Texas homestead loan from 80 percent to the full fair market value of the homestead. It specifies conditions for such loans, including restrictions on fees, the requirement for a written agreement, and protections against foreclosure without a court order. It also outlines scenarios where a refinanced loan may not close before a year has passed from the closing date of the previous loan, unless an emergency is declared. The amendment will be submitted to voters in the November 4, 2025 election.

Proposing a constitutional amendment to increase the debt limit for refinancing a Texas homestead loan.

This bill proposes a constitutional amendment to increase the debt limit for refinancing a Texas homestead loan from 80 percent to the full fair market value of the homestead. It specifies conditions for such loans, including restrictions on fees, the requirement for a written agreement, and protections against foreclosure without a court order. It also outlines scenarios where a refinanced loan may not close before a year has passed from the closing date of the previous loan, unless an emergency is declared. The amendment will be submitted to voters in the November 4, 2025 election.