My wife and I took this route in Massachusetts. We were VERY lucky from the start and quickly had a baby placed in our home on the "adoption" track rather than "reunification". It was a long road due to legal issues with the birth mother, but the end result was an adoption with $0 in legal fees paid by us. In fact, during this time the state considered us foster parents and we got a small subsidy every month.

If you have more time than money, the foster care route is definitely a good option. Plus, there are a LOT of kids in foster care waiting for a permanent home.