The first thing you should do is find out whether the project is Fannie Mae, Freddie Mac or FHA approved. If it's none of the above, then you will have to use a hard money lender or cash. The Condo Association can usually tell you if their approved at the onset.
If it's Fannie Mae or Freedie Mac approved, then that means you may be able to obtain a conventional loan, which requires at least 25% down. If it's FHA approved, then you will only need 3.5% down.
As some of the other writers mentioned, do your due diligence when it comes to the Association. Since there are alot of foreclosures and renters in many condo projects today, your condo fees will increase to compensate for those not paying. This can affect your ability to finance the property.
If I were buying a condo, I would look for a local mortgage broker who specializes with condo financing. I think this is crucial for purchasing a condo in this market.
Enterprise Mortgage Group
Winter Park, FL