Both are governed by HUD - the Department of Housing and Urban Development.
Loans are a great alternative to conventional financing.
The program has many benefits that make it attractive to first time homebuyers. If you have had some credit difficulties, and have cleared them up, they will accept a strong letter of explaination for the problems and in most cases will approve your loan. Less money for down payment means more money in your pocket. Check out the FHA adjustable rates, which help increase your purchasing power, and can lower your monthly payments up front. The VA program is designed for those who have served in the Armed Forces, both in active duty or as a reservist.