If your numbers are right and you can qualify for Fannie Mae financing, then I like this deal.

Scott Campbell Fannie Mae will allow you to use 75% of the projected rental income on the property your buying, even without a history of rental income on your taxes.

Fannie Mae allows up to 10 mortgages.

@Ethan Edwards some basic information here in case it is helpful to you:In the lending world there are basically 2 types of loans for these properties - "Conforming" loans or "Portfolio" Loans.A "Conforming" loan is a loan governed by Fannie Mae and Freddie Mac (if you recognize those names). 

@Kristen RayYour scenario doesn't fit for a Fannie Mae/Freddie type loan. 

Fannie Mae is the biggest lender when it comes to rental property.

We both got new jobs and pretty much doubled our income.Of course, doubt that I have is, get to the action now, try to get loan approval this year and use those programs or wait next year and then apply for a loan and be 100% sure that we will be approved.There is a chance that we would be able to meet criteria for Fannie Mae/Freddie Mac Loans from a 2nd link above but I do not know are there any other conditions for these that we might not be able to meet.So, from investors perspective and experience, are these programs something that it’s worth of chasing at all and or should I focus on getting a better conditions taking a regular FHA loan?

No one says "well, Fannie allows X, but we have an internal rule that is more restrictive and requires Y" (which is the truth), they say "Fannie Mae doesn't allow X, we need Y

Fannie Mae always wants 10% EM some others though it's up to you and whatever you want to offer they don't really have a minimum but I would find it hard to believe they take something less than 1k.

There is that limit when getting fanny mae or freddie mac loans.