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TUCSON - After a foreclosure or a short sale, some people might never want to bother with another home purchase. On the other hand, lenders are hearing from more and more former homeowners who can't wait for the next opportunity to buy.

Ed Arriola, Coldwell Banker, says his phone has been ringing with interested buyers, specifically those who lost their home in foreclosure or in a short sale. They want to know when they can buy again.

Arriola says after a short sale you will have to wait two to three years to buy again. However, FHA has a loan product that requires no wait time if the homeowner had a short sale but didn't miss any payments.

Click here for more information on the no-wait time loan (see page 4), http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-52ml.pdf

He says the wait time for a foreclosure is three to seven years. Conventional loans require a four-year wait time if the circumstances were job loss or illness. Otherwise it's a seven-year wait time. FHA loans require a three-year wait period.

He believes the next surge of home buyers will be these former homeowners who will be able to qualify again.