First of all, it does not need to be your first home for you to use a FHA loan (3.5% down). Also you could use a VA loan if you are active military or a veteran and that could be as little as 0% down.
Financing aside, let's talk about this property. There is only one property currently available on this street and it is 2843 Rutgers and it is listed for $549-$575K. I don't know why RealtyTrac shows it as a bank owned property at $180K still. That was the declared value when it transferred to the broker/owner/seller in March. It does look a bit different now. Here is the link to it's current listing on Trulia:
Let me know if I can help you in any additional way. I would be happy to explain what I can about your financing options and about the Oceanside/North County San Diego market. Contact me directly using the information below, anytime.
Real Estate Broker/ RealtorÂ®
McAllister Homes Real Estate
Residential Sales & Property Management