Are you saying the condominium project has a negative budget? If so, as a lender, I'd be asking my client why they'd even want such a property. Owners of units are going to either get a nice hefty special assessment at some point or a big increase in the monthly HOA. Or worse, necessary maintenance and repairs will go unaddressed.
More importantly, with 8.5% down, mortgage insurance is going to be required. And with a gift for down payment and a credit score in the 660's, FHA financing is most likely the only route. And if this condo project indeed has a negative budget, it won't pass for FHA financing.
I'd recommend you find a loan originator to pre-approve you, particularly one that will give you sound conservative advice that may at times be contrary to his or her own interests of just getting you a mortgage to get paid.
Senior Loan Originator
Midwest Equity Mortgage