Most conventional lenders (banks, mortgage brokers, credit unions, etc) currently require at least a 10% down-payment ($160K). If the purchase price of that home were between $271,050 and $729,750, then you might have qualified for a FHA-jumbo loan--in which case you'd only be required to put down at least 3%.
Yet, if you were to pursue creative--instead of conventional--financing, then you might have more flexibility. The key here is to negotiate with the seller to finance a portion or all of the loan amount. In fact, it might actually be easier for you to purchase a $1.6M with seller financing now in this market, because some conventional lenders are skittish about funding deals this large.