Well paying rent you get exactly -0- equity in the home and true, mortgages are front loaded so that the bank gets their interest money early in the loan but typically you can pay extra to chip away at the principle. Yes there are different insurances and/or premiums you pay to put down a low amount but now is great time to buy. Interest rates are really low. Two years, five years from now who knows. The only disadvantage I see in buying right now (using any method) is in certain areas of town people are paying 10%-20% over market value.
There are rent to buy programs (I'm not talking owner rent to buy -- private company buys the property, you pay rent for some period of time - usually with no equity and rents go up each year. After X time if you choose to buy you pay over what they purchased house for.) but IMO those are worse than fha/usda with minimum down payment.