By the way, the newest guideline for condo financing is now over 70%, and I hate to correct a colleague but that does NOT only apply to new construction by any means. In fact very well-established condos (such as Ruppert-Yorkville Towers, by no means new construction or new conversion) is over 30% sponsor-owned and that is prohibiting banks from lending there. The last one to still have those 4 buildings on their list was Chase, and that was only through July. The sponsor will have to release units they have been choosing to hold onto in order for any owner there to hope to sell for other than all cash.
But your question was really about financing, and your best bet really is still to talk to your lender.

Hi Liya,
The easies thing to do is to speak to a mortgage lender/broker and provide name and address of the building. Assuming an existing building it is likely that some lenders still approve it since they have financed units in the building before.
If new construction, things get tougher, but some small lenders finance the condo even with less than 50% sold (they don't have a pre-sale requirment at all).
As for the 15% down - you have will have to see if the lender that approves the building is still offering such product.
Good luck.
Shai.

Liya,

Forget 51% sold, that applies to new construction. I guess we can't forget it if you really are talking about new construction.

Most banks, 100% sold or not will not approve you for an 85% loan. Today's standard is between 20 to 25% down payment. This ofcourse isn't true for everyone, it is however true for majority of lenders.
You may want to speak with a mortgage broker and have them check the building in question for you and tell you what your options are.
Also if you are putting less than 20% down, you will have to pay PMI (private mortgage insurance) and under 20% you won't get the best interest rate.

Best of luck,
~Alen

Good luck.

The Fannie Mae and Freddie Mae rules keep changing on all the guidelines. They toughened up on % sold and now on % owner-occupied. Most lenders conform to these guidelines so they can sell the loans in the secondary market. Talk to a lender who can tell you not only their guidelines, but if the building you have in mind is on their approved list. If it is currently on their approved list, you are good. You can check this and get your pre-approval at the same time.