$50k is about right unless you find a lender that holds loans in house.
Down payments are based on the type of loan you get, FHA requires 3.5% and conventional is between 5,10,20% depending on the loan. Go speak to some lenders or call a couple at the very least .
If you would like to discuss your scenario I can be reached at 973-670-9948. I am local to your area
Mortgage Loan Originator, NMLS: 124703
115 Route 46 West â€“ Building D, Suite 32
Mountain Lakes, NJ 07046