New Loan for non-married couple - pros/cons?

[Luca Mastrangelo]

Hi Everyone, my sister and her long time boyfriend recently moved to NC and are purchasing their first home.  She is qualified for the loan by herself and he is currently in the process of changing jobs so is currently unemployed.  The house is $400k, they are going to put down 20% and get a rate of 3.5%.

Should they take the loan together or under just her name?  They both have excellent credit and no other mortgages.  They may be looking for another mortgage or business loan within the next 5 years.  Any reason to preserve his "1st time home buyer" status?  Pros/cons? Thoughts?

Thanks in advance.