A major obstacle for many would-be homebuyers is coming up with the chunk of cash to put down on a home purchase...and FHA and VA loans are not the only way to minimize the amount of cash needed to purchase a home. There ARE conventional financing (non-FHA and non-VA) options, such as the Conventional 97" and "Conventional 95", that allow buyers to obtain conventional financing (avoiding much of the red tape and hassle believed to be associated with FHA and VA loans) while putting as little as 3% to 5% down.
There is even the "HOMEREADY" loan, whereby the lender will consider the income of non-borrowing members of the household (e.g. mother, father, even non-married household members) when qualifying a borrower for a loan without that person actually being a borrower on the loan.
It's probably worth your time to take 15 minutes and talk to a couple different mortgage brokers to see what you may qualify for if you are considering a home purchase. You may be able to get one of these low-down-payment conventional loans as well.