DENVER -- Colorado mortgage brokers kept a close eye on the bailout debate going on in Washington, D.C.

Amid a flurry of unanswered questions Monday about the $700 billion bailout for failing financial firms, many people wondered just how it will affect them.

Denver mortgage broker Lainey Hamrick said keeping investors afloat bodes well for maintaining competition -- which ultimately is good for consumers.

Then there's the question if the government will offer help to homeowners struggling with their mortgages now. Hamrick had her doubts.

"I don't know how they're going to come up with a program that is actually going to bail a person in foreclosure status or has too much credit card debt,” said Hamrick, a broker for Englewood Mortgage Company Monday. “I can't imagine we're going to see that happen," Hamrick added.

Hamrick said lenders have already begun tightening guidelines for homebuyers shopping for a loan.

New rules for down payments start the end this month, Hamrick said.

Specifically, FHA loans that will require 3 1/2 percent down, up from 3 percent.

The days of zero down are over, Hamrick said.

"It was up until very recently for us to do a 100 percent loan, that's not possible any longer,” Hamrick said, adding that some monthly payments may carry additional mortgage insurance premiums too.

Still, Hamrick said the outlook for Colorado’s housing market looks good, and will continue to improve despite the market meltdown on Wall Street.

“I still think real estate one of the best investments you can put your money into,” Hamrick said. Hamrick urged consumers to take good care of their credit score, work to pay down credit card debt, and not live outside their means.

"The most important thing is to buy the right house,” Hamrick said. “And make sure you're not overpaying."