Yes you can get a loan if it's a foreclosure property. Of course, qualifying is a must!
Here's a few new guidelines for FHA:
*New FHA Loan Amounts: Need to check with a local lender in your area to find out maximum's. (varies)
*3.5% down payment required
*Gift Money OK
*Non-Occupying Co-Borrower's are allowed. (Not Investor's)
*Low Mortgage Insurance (1.75% MIP/.55%MMI) (if 20% down)
There are several other guidelines that are "new" for FHA - i.e. non-traditional credit, manufactured homes, etc.
It would be best to contact a reputable lender to go through the whole process with.
Based on your FICO, employment, owner occupied, etc., etc...alot more information would be required.
Definitely worth looking into. Great market for first time home buyers!