Buying a true foreclosure home is done on the courthouse steps, without title insurance and must be paid for in cash at the time of sale....no financing.
If you are looking to purchase a home that has already been through the foreclosure process and offered by the lender for sale as an REO (Real estate owned - Bank owned home), the process is quite simple yet, does take time, proper representation, preparation and patience.
There are many financing options available yet, the majority will make it difficult for those looking to finance 100% of the purchase price. To make things easier, have a pre-approval from a major direct lender and have your agent seek out properties owned by that lender specifically. They will be able to discuss your financing options and find the right loan. You must have a pre-approval and other documentation in hand before making a successful offer on a bank owned home. Bank of America and Countrywide have many local REO properties, are now the same entity, and may be a good place to start.
Buyers are easily discouraged when the first property they offer on is not accepted or subsequently sold to someone else. Dont get discouraged, hire a knowledgeable REO agent and be patient. The rewards can be great. Good luck in your search!