First home buyer + FHA + Foreclosure = ?????

[Jay D.]

Newbie to BP and REI! Enjoying all the posts and knowledge everyone has on here!

I am currently a student (Loan repayments deferred for 12+ months). I have pretty good paying job right now while in school. Looking to use my income to purchase a property. I'm interested in purchasing a foreclosure with an FHA loan.

First, is this possible? Second, what are some risks that I should be aware of and how can I mitigate said risks?

I do plan to live on the property for at least a year before deciding my next move. 

Btw, I am in the Sacramento Region.