After years of moving around the country – first for college and then for graduate school – Meridee Wilson and her partner, Sarah Berrin, decided to settle down in San Francisco, but rather than renting, the young couple saw an opportunity to own their home – even on a limited budget.

San Francisco's housing market has spiraled downward nearly 27 percent in some parts of the city, said out lesbian real estate agent Katharine Holland of Coldwell Banker and former Bay Area Reporter business columnist. That, combined with government incentives for first-time homebuyers, is a golden opportunity, she said.

"We wanted to be in San Francisco for the long term," said Wilson about the couple's decision to own over renting.

So, the women went house hunting with Holland and the crew of HGTV's House Hunters in tow chronicling the couple's search for a home along with their two dogs, Patches and Ely, on a $450,000 budget and help from their parents.

Wilson, 27, an out bisexual woman, is a psychologist at Kaiser Permanente. Berrin, 25, identifies as a queer woman and is a graduate student in clinical psychology at Alliant International. The women settled into their home north of the Panhandle last September.

"We were actually lucky. We ended up buying the place that we wanted to move into," said Berrin, about their serendipity, after a year of searching, because they both immediately liked the place.

Buying a home can be a "process of endurance," especially purchasing a tenancy-in-common, where more than one person co-owns the property, Berrin said. But the couple, who are the first of their group of friends to buy a home, had done so much homework – including watching House Hunters , which is what they were tuned into when Holland called to invite them to be on the show – that they knew what they wanted, they said.

"I would see a lot of couples in action and you are like, 'Wow, I wish I had that,'" said Holland, describing the humor and tenderness Berrin and Wilson displayed during their search for a home.

The couple is taking advantage of 2008's tax breaks, which gave them a credit up to $7,500. Unfortunately, the credit can't be applied to both of them individually, due to being allocated only among the individual owners, according to the women's tax preparer.

If Berrin and Wilson waited a few more months, they could have saved $500 and wouldn't have the 15-year repayment plan that is attached to the 2008 tax credit. They could have also taken advantage of the Federal Housing Administration's newly restored higher maximum loan limit of $729,750 that comes with only 3.5 percent down and with good credit initiated at the beginning of this year. It's the first time San Francisco's housing market has dipped low enough to qualify, according to real estate and mortgage brokers.

Earlier this year, the tax credit was increased to $8,000 for first-time homebuyers and the repayment is waived for individuals who remain in their homes for at least three years. Californians have an additional $10,000 tax credit if they purchase their first newly constructed home between March of this year and next year. This tax credit carries a similar waiver for repayment as the federal credit.

There are limits to the tax credits. It's uncertain if the federal tax credit will be extended at the end of this year. California's tax credit carries its own limitations. It's not limited to first-time homebuyers and it is only available to the first 10,000 homebuyers, due to a provision of only $100 million in the bill for the credit.

In addition to federal and state incentives, LGBT homebuyers should also keep their eyes open for additional deals, including local home-buying initiatives in rehabilitated historic districts and programs targeted at low-income and special classes, real estate experts said. For example, District 8 Supervisor Bevan Dufty is currently seeking money to create a first-time homebuyers program aimed specifically toward LGBT renters.

Arisson Tavanielli, 32, and his partner, Haroldo Domingues, 52, who were in the market to buy a home, decided to wait a little longer after watching the housing market plummet last fall.

"As prices started to come down, we decided to wait a little bit to see where it would go," said Domingues, a former residential and commercial engineer turned interior design student. "We were fortunate enough to wait."

The two gay men, who are originally from Brazil and have been together for five years, moved into their brand new South of Market condominium just a couple weeks ago are now taking full advantage of all of the loan offerings, low interest rates, and tax credits. They are also clients of Holland.

Tavanielli, a procurement manager for a technology company and now a U.S. citizen, and Domingues, who is attending school on a student visa, are only one couple out of an estimated three couples in their group of friends who are taking advantage of the popped real estate bubble, Tavanielli said.

"It's a great feeling ... I'm enjoying every bit of it," said Tavanielli, about the sense of security and investment of owning his first home. Domingues owned property in Sao Paulo, Brazil, they said.

While many LGBT couples are seizing the opportunity, so are single queers.

Rebecca Rosenberg, a single 32-year-old out bisexual woman, is in a prime position after years of saving and developing "killer" credit. She is currently on the hunt for a realtor with her mortgage broker, Julie Shumate of First Capital Group.

"Finally, right now is my chance," said Rosenberg, an independently contracted personal assistant, who is seeking to buy an East Bay home with easy access to the city. "The stars are aligning in my favor."

"This should be the year of, 'Could I?'" Holland said about this year's home buying spirit. "Make it work. Give yourself the gift of working it out."

Holland and Pete Garcia will present a first-time homebuyer's seminar June 1 from 6 to 8 p.m. at the San Francisco LGBT Community Center, 1800 Market Street.

Berrin and Wilson's journey to home ownership in San Francisco airs this Sunday, May 24 at 9 p.m. on HGTV (check local listings for channel). For more information about House Hunters show times and dates, visit http://www.hgtv.com/house-hunters/a-couple-wants-to-move-back-into-the-city-of-san-francisco/index.html.

What mortgage brokers need

Self-employed women need a two-year record of their income. Traditionally employed women need last two years of tax returns, last month's pay stubs, and retirement account information.

Two years of tax returns

Down payment

Emergency fund reserve three months minimum that includes: principle payments, six months of property tax, insurance minimum, homeowner dues

Good credit for your mortgage credit report

Shopping for a real estate agent

At least five years experience a full time real estate agent

Has experience in the market where they are selling

Ask about what you should expect from the process

Measure if you are a good fit personality-wise to work together

Ask for references