Moleskin,
I hate to be the bearer of bad news, but if your purchase is based on what the POTENTIAL value of this new construction condo WAS over a year ago, you are, by definition in a declining market, paying too much for this condo.
For the moment, let's forgo how much tougher the restrictions have gotten on new condo construction financing, and answer your questions:
1) No. However, if you DO lose your job, you'd no longer qualify for financing, so you'd be able to back out of the contract without losing your down payment.
2) The silver lining (if there is one) is that I feel that we are at or near the bottom of the market, and that things will pick up over the next couple of years. I know of no way to "reclaim" your down payment without cancelling or renegotiating the contract. Just changing your mind isn't good enough, that's why they asked for the down payment in the first place. However, in this market, many developers are being more lenient and more willing to work with buyers because it IS, after all, a buyer's market. I'm assuming that Wells Fargo told you with 25% down, you'd get a better rate on your condo, and that is true, but the difference will only be about.25% to the rate. So, assuming you don't want to pay PMI, you can only "reclaim" 5% of the downpayment.
3) For everything else you needed to know about Condo Financing, check my blog posting "Everything you need to know about Condo Financing" by clicking on my profile, or feel free to call me. (It's a local call, I'm only one zip code over.)

Matt Bukovy
Sr. Mortgage Consultant
Wintrust Mortgage
3317 W. Irving Park Rd.
Chicago, IL 60618
Cell 773-416-7107
Phone 773-654-2498
eFax 773-409-5558

With lending restictions and declining values in todays market, you may not be able to tap into the equity in your condo. Even if your condo is valued the same when you originally purchased it, lenders will not allow you cash out more than 85% of the appraised value of the property, at best. If you are expecting a return on your investment, you will probably need to hold onto your condo for a few years. Hope this helps.

Moleskin9,

One thing to keep in mind is that the 25% that you put down a year ago may not be there now. For example if you bought a $200,000 condo and put $50,000 down, you would roughly have a mortgage of $150,000. If the value of the condo has gone down to $170,000 you would now only have $20,000 in equity and owe roughly $150,000. That may not be enough equity to borrow against. You would have to talk to your mortgage lender to see what the requirements are. This is what the short sales are all about right now. The borrowers now owe more that what their house is worth.