FHA loans and couples

[Kristin Arden]

Hello all!

I have been exploring financing options. The goal is to BRRRR a property. I have enough saved for a conventional 20% down loan for a property around $250K (would be an out of state inventment). However, I was looking at the option of getting an FHA loan to be able to get a more expensive place, hopefully, a duplex or triplex, closer to home. I just signed a 1yr lease for a loft in Brooklyn. I am the only person on the lease. My long-term partner and I would be working on the project together. We have been planning to get married or file for a domestic partnership for a while but, have never gotten around to it. We are both wondering how this would work once we have a legal union and have a couple of questions.

1. Do the FHA loan rules (living there for one year, max amount of loans you can have over time) apply to one person, or to the couple?

2. Could just one of us live in it as the primary residence? 

3. Could we each have a <1yr old FHA loan at the same time?

4. Do they look at a couple's financials or just one person?

Thank you, in advance, for the responses!