In AZ, a homestead is simply a way of
protecting your property from creditors, and it runs in my mind that TX is the same way. The only concern I’d have is that you may only be able to file a homestead exemption on your primary residence. If you filed on the land, you might not be able to file later on the house.
Look up your state homestead law online. If you don’t understand it perfectly, you should spend a few bucks on legal advice. Filing this properly could be the difference between being able to protect you house in a financial disaster or being out on the street. A few $$ & minutes with a real estate or estate planning attorney is a small price for being sure it’s done the right way.