AMENDMENT NO. 5

AMENDMENT NO. 5, dated as of August 26, 2015 (this “Agreement”), to the Credit Agreement dated as of September 7, 2012, as amended prior to the date hereof (as so amended, the “Credit Agreement”), among D.R. HORTON, INC., a Delaware corporation (the “Borrower”), MIZUHO BANK, LTD., as successor administrative agent (in such capacity, the “Administrative Agent”) and the Lenders party thereto. Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.

WHEREAS, the Credit Agreement has previously been amended on November 1, 2012, August 8, 2013, August 22, 2014 and June 18, 2015;

WHEREAS, the Borrower, the Administrative Agent and the Lenders party hereto desire to extend the Revolving Credit Facility Termination Date in respect of certain of the Revolving Credit Commitments under the Credit Agreement to September 7, 2020 in accordance with the Extension Request dated as of June 25, 2015 and pursuant to Section 2.17 of the Credit Agreement (the “Revolving Credit Commitment Extension”);

WHEREAS, Deutsche Bank Trust Company Americas desires to exit as a Lender under the Credit Agreement, and Deutsche Bank AG New York Branch desires to become a Lender with the same amount of Revolving Credit Commitments and Loans as Deutsche Bank Trust Company Americas; and

WHEREAS, Mizuho Bank, Ltd. is acting as the sole lead arranger (in such capacity, the “Sole Lead Arranger”), Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC are acting as co-arrangers (each, a “Co-Arranger” and together the “Co-Arrangers”), and SunTrust Robinson Humphrey, Inc. and U.S. Bank National Association are acting as managing agents (each a “Managing Agent” and together the “Managing Agents”) in connection with the Revolving Credit Commitment Extension;

NOW, THEREFORE, in consideration of the premises and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

Section 1.Amendments. Subject to the occurrence of the Amendment Effective Date, the Credit Agreement is hereby amended as set forth in this Section 1.

(a)The definition of “Revolving Credit Facility Termination Date” in Section 1.1 of the Credit Agreement is hereby amended by replacing “September 7, 2019” with “September 7, 2020”.

(b)Section 2.17 of the Credit Agreement is hereby amended by replacing the eighth, ninth and tenth sentences thereof with the following:

“Each Lender approving an Extension Request shall deliver its written approval no later than 30 days following such Extension Request or such later date agreed to by the Borrower (such 30th or later date, the “Extension Response Deadline”). If written approval of the Lenders holding a majority of the Revolving Credit Commitments under such Series of Revolving Credit Facility is not received by the Administrative Agent by the Extension Response Deadline, the Extension Request with respect to such Series shall be denied. If such written approval of the Lenders holding a majority of the Revolving Credit Commitments under a Series of Revolving Credit Facility is received by the Administrative Agent by the Extension Response Deadline, the Revolving Credit Facility Termination Date applicable to such Series of Revolving Credit Facility, or the requested portion of the Revolving Credit Commitments thereunder, shall be extended to the date specified in the Extension Request but only with respect to Revolving Credit Commitments of the Lenders under the applicable Revolving Credit Facility that have given such written approval (the “Extending Revolving Credit Lenders”).”

Section 2.Representations and Warranties. The Loan Parties represent and warrant as of the date hereof and the Amendment Effective Date (before and after giving effect to this Agreement) that:

(a)the representations and warranties contained in Article VI of the Credit Agreement are true and correct in all material respects on the date hereof, the date of the Extension Request and the Amendment Effective Date (except (i) to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects on and as of such earlier date and (ii) to the extent already qualified by materiality, in which case said representations and warranties are true and correct in all respects); and

(b)no Default or Unmatured Default (i) has occurred and is continuing on the date hereof, the date of the Extension Request or the Amendment Effective Date or (ii) exists or would exist after giving effect to the Facility Increase.

Section 3.Conditions to Effectiveness. This Agreement, the Additional Commitments and the Revolving Credit Commitment Extension shall become effective and all conditions set forth in Section 2.17 of the Credit Agreement shall be deemed satisfied, on the date (such date, the “Amendment Effective Date”) on which each of the following conditions is satisfied or waived:

(a)Certain Documents. The Administrative Agent shall have received on or prior to the Amendment Effective Date each of the following, each dated the Amendment Effective Date unless otherwise indicated or agreed to by the Administrative Agent and each in form and substance satisfactory to the Administrative Agent:

(i)this Agreement executed by the Required Lenders, the Loan Parties and the Administrative Agent;

(ii)certified copies of resolutions of the board of directors of each Loan Party approving the execution, delivery and performance of this Agreement and the other documents to be executed in connection herewith;

(iii)the articles of incorporation, by-laws, certificate of good standing, incumbency certificate and officer’s certificate of the Borrower described in Section 5.1(i), (ii) and (iii) of the Credit Agreement;

(iv)a bring-down certificate of each other Loan Party confirming the certificates and the attachments thereto described in Section 5.1(iv), (v) and (vi) of the Credit Agreement and delivered on the Closing Date remain true and correct as if made and delivered on the Amendment Effective Date;

(v)a certificate (1) signed by the chief financial officer, controller or chief accounting officer of the Borrower, stating that on the date of the Extension Request and the Amendment Effective Date, no Default or Unmatured Default has occurred and is continuing and that all of the representations and warranties in Article VI of the Credit Agreement are true and correct in all material respects (except (i) to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects on and as of such earlier date and (ii) to the extent already qualified by materiality, in which case said representations and warranties are true and correct in all respects) and (2) of an Authorized Officer of the Borrower to the effect that each of the conditions set forth in Section 2.17 of the Credit Agreement and this Section 3 are satisfied; and

(vi)a copy of the plan and forecast (including a projected consolidated balance sheet, income statement and funds flow statement) of the Borrower for the current fiscal year, pursuant to Section 7.1(iii) of the Credit Agreement.

(b)Fees and Expenses Paid. There shall have been paid to the Administrative Agent, for the account of the Administrative Agent and the Lenders (including any Additional Lender), as applicable, all fees and expenses (including reasonable fees and expenses of one counsel to the Administrative Agent) due and payable on or before the Amendment Effective Date and, in the case of expenses, invoiced at least two Business Days prior to the Amendment Effective Date.

Section 4.Expenses; Indemnification. The Borrower confirms that Section 10.6 of the Credit Agreement applies to this Agreement and the transactions contemplated hereby for the benefit of the Administrative Agent and the Sole Lead Arranger.

Section 5.Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a single instrument. Delivery of an executed counterpart of a signature page of this Agreement by facsimile transmission or by email in Adobe “.pdf” format shall be effective as delivery of a manually executed counterpart hereof.

Section 6.Applicable Law. THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

Section 7.Headings. The headings of this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

Section 8.Effect of Agreement. Except as expressly set forth herein, this Agreement shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. As of the Amendment Effective Date, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, and each reference in the other Loan Documents to the Credit Agreement (including, without limitation, by means of words like “thereunder,” “thereof” and words of like import), shall mean and be a reference to the Credit Agreement as amended hereby, and this Agreement and the Credit Agreement shall be read together and construed as a single instrument; provided, however, that nothing herein shall be interpreted to change the date of the Credit Agreement. This Agreement shall constitute a Loan Document.

Section 9.Acknowledgement and Affirmation. Each of the Borrower and each Guarantor hereby (i) expressly acknowledges the terms of the Credit Agreement as amended hereby, (ii) ratifies and affirms after giving effect to this Agreement, the Additional Commitments and the Revolving Credit Commitment Extension, its obligations under the Loan Documents (including Guaranty Agreements (as defined in the Credit Agreement)) executed by the Borrower and/or such Guarantor and (iii) after giving effect to this Agreement, the Additional Commitments and the Revolving Credit Commitment Extension, acknowledges renews and extends its continued liability under all such Loan Documents and agrees such Loan Documents remain in full force and effect.

Section 10.Exiting Lender. Simultaneously with the effectiveness of this Agreement, Deutsche Bank Trust Company Americas, who has been a Lender under the Credit Agreement and who executes this Agreement below as an Exiting Lender (the “Exiting Lender”), shall be deemed to have, and does hereby sell, assign, transfer and convey to Deutsche Bank AG New York Branch (the “New DB Lender”), and the New DB Lender hereby purchases and accepts the Revolving Credit Commitments and Loans of the Exiting Lender such that, after giving effect to this Agreement, (a) the Exiting Lender shall (i) be paid in full for all amounts owing to the Exiting Lender under the Credit Agreement, (ii) cease to be a Lender under the Credit Agreement and the Loan Documents, and (iii) relinquish its rights (provided that it shall still be entitled to any rights of indemnification in respect of any circumstance, event or condition arising prior to the Amendment Effective Date) and be released from its obligations under the Credit Agreement and the Loan Documents and (b) the Revolving Credit Commitment of the New DB Lender shall be as set forth on its signature page to this Agreement, and the New DB Lender shall hereafter have, and does hereby assume, all of the rights and obligations of a Lender under the Credit Agreement and the Loan Documents. Without limiting the foregoing, the New DB Lender, by its execution of this Agreement, shall be deemed to have accepted and agreed to the provisions set forth in the form of Assignment and Assumption attached as Exhibit D to the Credit Agreement, as if such provisions were set

forth herein, all of which are incorporated herein by this reference. The foregoing assignment, transfer and conveyance is without recourse to the Exiting Lender and without any warranties whatsoever by the Administrative Agent, the Issuing Banks or the Exiting Lender as to title, enforceability, collectability, documentation or freedom from liens or encumbrances, in whole or in part, other than the warranty of the Exiting Lender that it has not previously sold, transferred, conveyed or encumbered such interests. No fees shall be due by or to any Person in connection with this assignment, all of which are hereby waived by any party entitled to same. The Exiting Lender is executing this Agreement for the sole purpose of evidencing its agreement to this Section 11 and for no other purpose.

By: /s/ Bill W. Wheat    

Bill W. Wheat

Executive Vice President and

Chief Financial Officer

By: /s/ Bill W. Wheat    

Bill W. Wheat

Executive Vice President and

Chief Financial Officer

By: CHTEX of Texas, Inc., its General Partner

By: /s/ Bill W. Wheat    

Bill W. Wheat

Executive Vice President and

Chief Financial Officer

By: Meadows I, Ltd., its General Partner

By: /s/ Bill W. Wheat    

Bill W. Wheat

Executive Vice President and

Chief Financial Officer

By: Meadows IX, Inc., a Member

By: /s/ Bill W. Wheat    

Bill W. Wheat

Executive Vice President and

Chief Financial Officer

and

By: Meadows X, Inc., a Member

By: /s/ Bill W. Wheat    

Bill W. Wheat

Executive Vice President and

Chief Financial Officer

By: D.R. HORTON, Inc. - Chicago, its Member

By: /s/ Bill W. Wheat    

Bill W. Wheat

Executive Vice President and

Chief Financial Officer

By: Western Pacific Housing Management, Inc.,

its Manager, Member or General Partner

By: /s/ Bill W. Wheat    

Bill W. Wheat

Executive Vice President and

Chief Financial Officer

By: SRHI LLC,

its Member

By: SHLR of Nevada, Inc.

its Member

By: /s/ Bill W. Wheat    

Bill W. Wheat

Executive Vice President and

Chief Financial Officer

By: Vertical Construction Corporation,

its Manager

By: /s/ Bill W. Wheat    

Bill W. Wheat

Executive Vice President and

Chief Financial Officer

By: SHLR of Nevada, Inc.,

its Member

By: /s/ Bill W. Wheat    

Bill W. Wheat

Executive Vice President and

Chief Financial Officer

By: SHLR of Washington, Inc.,

its Member

By: /s/ Bill W. Wheat    

Bill W. Wheat

Executive Vice President and

Chief Financial Officer

By: D.R. Horton, Inc., its Member

By: /s/ Bill W. Wheat    

Bill W. Wheat

Executive Vice President and

Chief Financial Officer

MIZUHO BANK, LTD.
as Administrative Agent, Issuing Bank and Lender

By: /s/ John Davies

Name: John Davies

Title: Authorized Signatory

BANK OF THE WEST,

as Lender

By: /s/ Cris Galvez         

Cris Galvez

Vice President

BRANCH BANKING AND TRUST COMPANY,

as Lender

By: /s/ Jamie Grunsky     

Name: Jamie Grunsky

Title: Banking Officer

CITIBANK, N.A.,

as Lender

By: /s/ Michael Vondriska     

Name: Michael Vondriska

Title: Vice President

COMERICA BANK,

as Lender

By: /s/ Casey L. Stevenson     

Name: Casey L. Stevenson

Title: Vice President

DEUTSCHE BANK AG NEW YORK BRANCH,
as New DB Lender and Lender

By: /s/ Michael Shannon         

Name: Michael Shannon

Title: Vice President

By: /s/ Peter Cucchiara         

Name: Peter Cucchiara

Title: Vice President

DEUTSCHE BANK TRUST COMPANY AMERICAS,
as Exiting Lender

By: /s/ Michael Shannon         

Name: Michael Shannon

Title: Vice President

By: /s/ Peter Cucchiara         

Name: Peter Cucchiara

Title: Vice President

FIRST HAWAIIAN BANK,

as Lender

By: /s/ Todd T. Nitta     

Name: Todd T. Nitta

Title: Senior Vice President

JPMORGAN CHASE BANK, N.A.,
as Issuing Bank and Lender

By: /s/ Mohammad S. Hasan     

Name: Mohammad S. Hasan

Title: Executive Director

SUNTRUST BANK,

as Lender

By: /s/ Michael Kauffman     

Name: Michael Kauffman

Title: Senior Vice President

U.S. BANK NATIONAL ASSOCIATION,

as Issuing Bank and Lender

By: /s/ J. Kent Howard     

Name: J. Kent Howard

Title: Senior Vice President

WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Issuing Bank and Lender

By: /s/ Elena Bennett     

Name: Elena Bennett

Title: Senior Vice President