You may want to check with your lender about going FHA (if they are approved to do FHA) or contact another lender who is approved.
The fix is to apply for an FHA loan, which allows for 97% financing with no consideration of "declining markets." Two caveats: FHA requires specific approval of any condo project, and many Lenders will not accept condos that have not been previously FHA approved. A good broker will have Lenders who will approve these loans on a case-by-case (or "spot") basis.
Also; you should be prepared to have to order an another appraisal. Lenders are less and less willing to accept someone else's appraisal.