You may have better options available depending on some particular factors. Do you know if your condo complex is approved by FHA? If so, then you could do a rate/term (no cash out) refinance up to a maximum of 97% loan to value. This means that you could take out a mortgage loan up to 97% of the appraised value of your property. You would need to have a minimum 3% equity in your property to be able to pull it off. This is not exactly a down payment since down payments only apply to purchases, but it is a similar idea. If you don't know whether your condo comples is approved, here is a link where you can search your complex to see if it is on the FHA approved list:
Just to give you a rough idea of the minimum value you need from your property, if your current mortgage payoff amount is $290,000, then your property must be worth a bare minimum of $298,970 to be able to pay off your current mortgage. This does not take into consideration the closing costs and upfront mortgage insurance that would need to be added into the new mortgage amount if you do not want to pay out of pocket. But at least this gives you an idea of where you need to be as far as your property value is concerned.
If your condo complex is not approved by FHA, another option would be to get what we call a spot approval which would mean that only your unit would be approved. This would depend on certain information filled out by the home owners association on a questionnaire.
If this cannot be done, then your other option would be a conventional loan. You are pretty much limited to 95% loan to value (minimum equity of 5%) unless we could find you a loan at 97%, which would depend on some particular factors according to your circumstances. It is not easy (the 97% condo option), but sometimes it can still be done on condos. But if you need to go the 5% equity route, then your minimum property value would need to be around $305,265 not taking into account closing costs, etc.
A good start would be to find out what the estimated appraised value would be on your property and from there you can determine what your options would be. Of course, you also need to know if your condo complex is FHA approved. I would recommend that you speak to a knowledgable Mortgage Consultant that can help you determine what your specific options would be.
If you have any more questions, please feel free to contact me.