The check digits enable the sending bank (or its customer) to perform a sanity check of the routing destination and account number from a single string of data at the time of data entry.
Generally, interest rates on FHA-backed mortgages are competitive with conventional mortgages. A quick scan of interest rates for 2012 reveals that FHA mortgages feature rates of about 3.33 percent. The FHA states that the average interest rate for a 30-year fixed loan on a single-family home is about 4.06 percent.
Low Down Payment. FHA loans require as little as 3.5% of the loan as a down payment. 100% Gift Funds Allowable. Your entire 3.5% down payment can be a gift from parents, relatives or an employer. Lower Closing Costs. FHA loans allow sellers to give up to 6% of a home's purchase price to an FHA buyer to pay for loan closing costs.