Good question. This will depend on several factors. The first being - is the condo project approved by FHA, Fannie Mae or Freddie Mac? I checked FHA's site and it doesn't look like the condo is approved - see this link: https://entp.hud.gov/idapp/html/condlook.cfm
I then checked Fannie Mae for eligibility - not on the list - see this link: https://www.efanniemae.com/syndicated/documents/dps/condopud
As of 7/30/2012
Also checked Freddie Mac for you - ther isn't a quick list to view, but you would have to review the requirements with the condo association - check this link: http://www.freddiemac.com/sell/factsheets/condo_projects.html
Keep in mind that this is not exhaustive. This is simply a quick reference. There are ways to get the condo on the approved list by working with a mortgage lender, but there are several hoops to jump through to get the approval. Not saying it can't happen though. I would check with the listing agent to see if the condo is in fact approved with any of the agencies I mentioned. It might not be on their list yet.
If the condo is not approved, it is for reasons such as, too much investor concentration, too many untis in default, the homeowner's association is not controlled by the residents (it is under the builder's control), common areas not completed, etc. Situations like these fall into the non-warrantable condo category. Here is a link to a blog that does a good job explaining this http://activerain.com/blogsview/560254/what-is-a-non-warrant
There are lenders that will take on non-warrantable condo financing and I can help you with this. These loans are much harder to find, but they are available.
Now finally getting to your actual question. If you can get the condo to be approved by FHA, you would only have to put 3.5% down - no questions asked. If you can get the condo approved with Fannie Mae or Freddie Mac, you can get away with 5% down. 660+ score may cut it to get this, but you will also have to have a strong credit profile, a couple months of reserves and a low debt to income ratio. The availablility of this low down payment Fannie or Freddie loan would have to be run through an AUS (automated underwriting system). There are two layers of underwriting that occur whenever you apply for a loan with less than 20% down with the Fannie and Freddie loans. First layer is the bank's underwriter. The second is the private mortgage insurance provider. This leads to a much tighter underwriting process.
Lastly, non-agency (non Fannie/Freddie) loans minimum down payment requirements are all over the road. You may be able to get a 5% down loan, but more than likely, you will need 10% down. These are a little harder to get private mortgage insurance on. Typically, these loans factor in the mortgage insurance into the rate 0.5% -0.75% higher rate paid to the lender (LPMI - lender paid mortgage insurance).
Please feel free to get in touch with me if you want to discuss this further.