Forum Listings Display Options in AdminCP -> vBulletin Options
The first 3 boxes are the ones you need to fiddle with. Try 2,0,0 (Top to bottom). That will provide you with 2 levels on ForumHome and no sub-forums. Users will have to click each top-level forum to drill down to the lower levels.
I've just changed my own board to this setting because of too many sub-forums on ForumHome.
HTH
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