HORTON D R INC /DE/
SC 13G/A, 1997-02-13
OPERATIVE BUILDERS
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<PAGE>
 
                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549


                                 SCHEDULE 13G


                   Under the Securities Exchange Act of 1934
                              (Amendment No.  4)*

                               D.R. Horton, Inc.
- --------------------------------------------------------------------------------
                                Name of Issuer

                         Common Stock, $.01 par value
- --------------------------------------------------------------------------------
                        (Title of Class of Securities)

                                  23331A 10 9
- --------------------------------------------------------------------------------
                                (CUSIP Number)


Check the following box if a fee is being paid with this statement [_].  (A fee 
is not required only if the filing person:  (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of 
securities described in Item 1; and (2) has filed no amendment subsequent 
thereto reporting beneficial ownership of five percent or less of such class.) 
(See Rule 13d-7).

*The remainder of this cover page shall be filled out for a reporting person's 
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the 
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

                               Page 1 of 5 Pages
<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 23331A 10 9                   13G                PAGE 2 OF 5 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S OR I.R.S IDENTIFICATION NO. OF ABOVE PERSON    
                          
      Terrill J. Horton    ###-##-####
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
                                                                (b) [_]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4    

      United States of America
- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5     
     NUMBER OF             6,852,744
                                                                
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6    
                              -0-                            
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7     
    REPORTING             6,852,744
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8    
                            -0-
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9    
         6,852,744  

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10                  
 
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11    
         21.1%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12
          IN      

- ------------------------------------------------------------------------------

                     *SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
 
      Item  1.

      (a) Name of Issuer:  D.R. Horton, Inc.

      (b) Address of Issuer's Principal Executive Offices:

          1901 Ascension Blvd., Suite 100
          Arlington, Texas  76006

      Item 2.

      (a) Name of Person Filing:  Terrill J. Horton

      (b) Address of Principal Business Office or, if none, Residence:

          1901 Ascension Blvd., Suite 100
          Arlington, Texas 76006

      (c) Citizenship: United States of America
      
      (d) Title of Class of Securities:  Common Stock

      (e) CUSIP Number:  23331A 10 9

      Item 3.

           Not applicable.

      Item 4.  Ownership

      At December 31, 1996:

      (a) Amount Beneficially Owned:  6,852,744

      (b) Percent of Class: 21.1%

      (c) Number of shares as to which such person has:

            (i)    Sole power to vote or to direct the vote: 6,852,744*

            (ii)   Shared power to vote or to direct the vote:  -0-

      *   5,763,898 of such shares are held by certain trusts of which 
          the undersigned is the trustee.

                               Page 3 of 5 Pages
<PAGE>
 
            (iii)   Sole power to dispose or to direct the disposition
                    of: 6,852,744*


            (iv)    Shared power to dispose or to direct the disposition
                    of:  -0-

      Item 5.  Ownership of Five Percent or Less of a Class
                
           Not Applicable.
            
      Item 6.  Ownership of More than Five Percent on Behalf of Another
               Person.

           Not Applicable.

      Item 7.  Identification and Classification of the Subsidiary Which
               Acquired the Security Being Reported on By the Parent Holding
               Company.

           Not Applicable.

      Item 8.  Identification and Classification at Members of the Group.

           Not Applicable.

      Item 9.  Notice of Dissolution of Group.

           Not Applicable. 
      
      Item 10.  Certification.

           Not Applicable.

       *  5,763,898 of such shares are held by certain trusts of which 
          the undersigned is the trustee.
              

                               Page 4 of 5 Pages
 
<PAGE>
 
                                   SIGNATURE

        After reasonable inquiry and to the best of my knowledge and be1ief, I
  certify that the information set forth in this statement is true, complete and
  correct.

                                               Februay 1O, 1997
                                     ------------------------------------       
                                                   Date

                                           /s/ Terrill J. Horton           
                                     ------------------------------------      
                                                  Signature

                                               Terrill J. Horton
                                     ------------------------------------
                                                   Name



                               Page 5 of 5 Pages


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