Buying a Home in Mustang Lakes: Process, Costs and Timeline

Mustang Lakes is a master-planned community located in Celina, Texas, straddling the Collin and Denton county lines near the intersection of Frontier Parkway and the Tollway corridor. It is not a small subdivision. At full build-out, the community spans roughly 2,000 acres and is planned for several thousand homes, meaning the infrastructure, amenities, and builder presence here operate at a scale you do not find in most Celina neighborhoods.

The community is anchored by a 40-acre lake, a resort-style amenity center called The Club at Mustang Lakes, tennis courts, a fitness center, walking trails, and a dedicated on-site lifestyle director. These are not amenities that exist in most Celina master-planned communities at this scale, which is part of why buyers specifically seek out this address when relocating to the area.

The Community at a Glance

Mustang Lakes sits within the Prosper Independent School District for most of its sections, though some sections fall within Celina ISD boundaries. Because district boundaries can shift as the community grows, you should verify the specific lot or address you are considering directly with the school district. The Texas Education Agency maintains current district boundary information at tea.texas.gov, and Prosper ISD and Celina ISD both publish enrollment zone maps on their own websites.

The location gives residents relatively quick access to the Dallas North Tollway, which connects to Frisco, Plano, and eventually downtown Dallas. Frisco's main retail and restaurant corridor along Preston Road is roughly 15 to 20 minutes south depending on traffic. Downtown Dallas is approximately 45 to 55 minutes in normal conditions, though peak-hour commutes on the Tollway can stretch that window.

Housing Stock and Architecture

Homes in Mustang Lakes are predominantly single-family detached construction built between 2015 and the present day, so the housing stock is relatively new throughout. Builders who have been active here include Highland Homes, Shaddock Homes, Coventry Homes, Toll Brothers, and Perry Homes, among others. Each builder occupies a distinct section of the community, and the sections vary in lot size, elevation styles, and included features.

Architectural styles lean toward transitional and traditional exteriors, with brick and stone combinations being the most common. Square footage ranges from roughly 2,000 square feet on the smaller end to over 5,000 square feet in the Toll Brothers sections. Lot sizes vary considerably: interior lots in active sections tend to run from 6,000 to 8,500 square feet, while backing-to-greenbelt or lakefront lots can be substantially larger.

2. The Step-by-Step Process for Buying a Home in Mustang Lakes

Buying a home in Mustang Lakes follows the same broad arc as any Texas purchase, but the presence of multiple active builders adds layers that a resale-only buyer may not expect. Understanding both tracks, resale and new construction, before you start touring will save you time and prevent you from making commitments before you have seen the full picture.

Step 1: Get Pre-Approved Before You Tour

Pre-approval is not optional in Mustang Lakes right now. Builders require proof of financing before they will hold a lot or write a contract, and resale sellers in the community expect the same. Get a full pre-approval letter from a lender, not a pre-qualification, before you schedule any serious tours. Some builders also offer preferred lender incentives, sometimes thousands of dollars in closing cost credits, but those incentives come with conditions you need to evaluate carefully before committing.

Step 2: Choose Between Inventory Homes and a Build Slot

This is the fork in the road that shapes everything else. An inventory home, sometimes called a spec home, is already built or under construction and can typically close within 30 to 60 days. A build-to-order contract means you select a lot, choose a floor plan, and work through the design center process before a single foundation is poured. That path takes considerably longer, which we cover in the timeline section below.

Resale homes in Mustang Lakes are also available, and they offer a third option: a home with upgrades already installed, landscaping established, and a move-in timeline similar to a standard resale purchase. Resale homes sometimes carry a premium for finished landscaping, window treatments, and structural upgrades that would have cost more to add through a builder's design center.

Step 3: Negotiate the Contract

Builder contracts are not the standard Texas Real Estate Commission (TREC) forms. Each builder uses their own proprietary purchase agreement, which is written to protect the builder's interests. These contracts typically include provisions around price escalation for materials, completion date ranges rather than fixed dates, and limited warranty terms that differ from what you would see in a resale transaction. Having a buyer's agent review the contract before you sign is one of the most consequential steps in the entire process.

On resale homes, the standard TREC One to Four Family Residential Contract applies. In September 2026, the Celina market has seen moderate negotiating room on some resale listings, particularly homes that have been on market longer than 30 days. For a broader view of current conditions, the Celina, Texas Real Estate Market Guide on this site covers pricing trends in detail.

Step 4: Due Diligence, Inspections and the Option Period

On resale homes in Texas, the option period gives buyers a defined window, typically five to ten days, to conduct inspections and walk away for any reason by paying a small option fee. On builder contracts, this structure usually does not exist in the same form. Builders typically allow a third-party inspection but reserve the right to address deficiencies on their own terms. For new construction, scheduling an independent inspector for the pre-drywall stage and again at final walkthrough gives you the clearest picture of what is behind the walls before closing.

Step 5: Closing Day

Texas closings are handled by a title company, and the buyer and seller typically sign separately. You will receive a Closing Disclosure at least three business days before closing that itemizes every cost. Review it line by line and compare it to your Loan Estimate. On the day of closing, bring a government-issued photo ID and be prepared to wire funds or bring a cashier's check for the amount shown on your Closing Disclosure.

3. The Real Costs of Buying a Home in Mustang Lakes

The total cost of buying a home in Mustang Lakes is meaningfully higher than the purchase price alone. Buyers who plan only around the list price regularly find themselves short at closing or surprised by ongoing costs in the first year. Here is a realistic breakdown of every cost category you need to budget for.

Purchase Price and Price Per Square Foot

As of September 2026, homes in Mustang Lakes are listed and selling across a wide range depending on builder, section, and size. Entry-level inventory homes from production builders in the community start in the low-to-mid $500,000s for homes in the 2,000 to 2,500 square foot range. Mid-range homes between 3,000 and 4,000 square feet typically fall between $650,000 and $850,000. Toll Brothers and other luxury-tier builder sections push into the $900,000 to $1.3 million range for larger plans on premium lots.

Price per square foot in Mustang Lakes currently runs roughly $200 to $280 for production builder homes and $280 to $350 or more for luxury builder sections. Lakefront and greenbelt-backing lots carry a premium above those ranges. Texas builders across the market have been working through inventory in 2026, which has created some negotiating leverage on move-in-ready spec homes. The HousingWire report on Texas home prices and inventory in 2026 provides broader context on how builders are responding to that dynamic statewide.

Closing Costs Breakdown

Closing costs in Texas typically run between 2% and 4% of the purchase price for a buyer using a mortgage. On a $700,000 home, that translates to $14,000 to $28,000 due at closing beyond the down payment. The major cost categories include lender origination fees, title insurance (both the owner's policy and the lender's policy), escrow and settlement fees, prepaid homeowner's insurance, and prepaid property taxes deposited into escrow. In Texas, the owner's title insurance policy is customarily paid by the seller in a resale transaction, but on new construction the buyer typically pays for it.

Builder closing cost incentives can offset some of these expenses, but they are almost always tied to using the builder's preferred lender. Before accepting a preferred lender incentive, compare the interest rate and loan terms against at least two outside lenders. A higher rate over a 30-year loan can cost far more than the incentive is worth.

HOA Fees and Community Costs

Mustang Lakes has a homeowners association that maintains the community amenities, common areas, landscaping along the main corridors, and the lake. HOA dues in Mustang Lakes have run in the range of $150 to $200 per month depending on the section, though dues are subject to change and you should confirm the current amount for any specific lot during the contract period. Some sections also carry a separate amenity fee or a one-time initiation fee at closing.

The HOA also enforces deed restrictions and architectural guidelines, which govern exterior paint colors, fence materials, landscaping standards, and modifications to the home's exterior. Request the full CC&Rs (Covenants, Conditions and Restrictions) document and the HOA financial statements as part of your due diligence before closing.

Property Taxes in Collin County

Property taxes are one of the most significant ongoing costs for Mustang Lakes homeowners. The community sits in both Collin and Denton counties, and the applicable taxing jurisdictions depend on which section and which county your specific lot falls in. Combined tax rates in the Collin County portions of Mustang Lakes have generally run in the range of 1.8% to 2.2% of assessed value, which on a $700,000 home means roughly $12,600 to $15,400 per year in property taxes. Texas does not have a state income tax, so property taxes tend to be higher than in states that split the burden differently.

On new construction, the initial assessed value is often the land only for the first tax year, then resets to the full improved value the following year. Budget for the full assessed value from year two onward rather than relying on the first year's lower bill.

4. Realistic Timeline: How Long Does It Take?

The timeline for buying a home in Mustang Lakes varies significantly based on which path you choose. Here is a plain-language breakdown of each scenario so you can plan your move, your lease end date, or your current home sale accordingly.

Resale Homes

A resale purchase in Mustang Lakes follows the standard Texas timeline. From accepted offer to closing, most transactions take 30 to 45 days when financing is conventional or FHA. Cash purchases can close in as few as 14 to 21 days. Add the pre-approval and home search phase, which typically takes two to six weeks depending on how quickly you find a home you want to move on, and the total time from starting your search to holding keys is usually 45 to 90 days.

New Construction Inventory Homes

Inventory homes, also called spec homes, are the fastest new construction path. If a home is already complete or within 30 days of completion, you can often close in 30 to 60 days from contract. Homes that are 50% to 75% complete at contract typically close in 60 to 90 days. Builders in Mustang Lakes have had a range of inventory available in September 2026, so it is worth asking each builder's sales representative specifically how many completed or near-complete homes they currently have on the ground.

Build-to-Order Timelines

A custom build-to-order contract in Mustang Lakes typically takes 10 to 14 months from contract signing to closing. That timeline includes the design center selection process (usually two to four weeks), permitting (four to eight weeks), and the construction phase itself (seven to ten months depending on the builder and plan size). Weather delays, supply chain issues, and trade scheduling can push that window further, so plan conservatively if you have a hard move-in deadline.

If you are selling your current home to fund the purchase, coordinating the sale closing with a build-to-order completion date is one of the most complex logistical challenges in the process. The NAR Consumer Guide on Buying Land and Building a New Home walks through how that coordination typically works and what contingencies to consider.

5. What to Watch for That Is Unique to Mustang Lakes

Several factors in Mustang Lakes do not apply to most other Celina neighborhoods, and they can catch buyers off guard if they are not addressed before contract. These are the details that a buyer's agent with specific experience in this community will flag before you sign anything.

Builder Contracts vs. Standard Texas Contracts

Every builder in Mustang Lakes uses a proprietary contract that differs from the TREC standard form. Key differences include earnest money amounts (builders typically require 1% to 3% of the purchase price, sometimes more), cancellation provisions that are far less buyer-friendly than in a resale contract, and dispute resolution clauses that may require arbitration rather than litigation. Read every page. If anything is unclear, ask your agent to walk through it with you before you sign.

Community Deed Restrictions and Design Guidelines

Mustang Lakes has detailed deed restrictions that govern what you can and cannot do with your property. Common restrictions include prohibitions on certain fence materials (chain link is typically not permitted), requirements that all exterior modifications be approved by an architectural review committee before work begins, limitations on the number and type of vehicles parked in driveways, and rules around holiday lighting duration. If you run a business from home, keep equipment or trailers on the property, or have specific landscaping plans in mind, review the CC&Rs before going under contract.

Financing Considerations Specific to New Construction

Locking an interest rate on a build-to-order home is more complex than on a resale purchase. Most standard rate locks run 30 to 60 days, which is far shorter than a typical construction timeline. Extended rate lock programs exist but usually carry a cost, either a fee upfront or a slightly higher rate. Ask your lender specifically about float-down options, which allow you to capture a lower rate if rates drop before closing, and about what happens to your rate lock if the builder's completion date slips.

Texas buyers chose new construction at a higher rate than the national average in recent years, according to Texas REALTORS data, which reflects how much of the DFW market is driven by master-planned communities like Mustang Lakes. That demand means builders here are not always willing to negotiate on price, but they may negotiate on upgrades, lot premiums, or closing cost contributions, particularly on spec homes they want to move quickly.

If you are also thinking about what happens on the other side of this transaction, the guide to selling a home in Celina, Texas covers pricing strategy and timelines for your current home if you need to sell before you buy.

Buyers relocating from outside the area will find additional context in the Relocating to Celina, Texas guide, which covers the broader Celina market, neighborhood comparisons, and what to expect when moving to this part of North Texas.