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.
FHA loans with 15-year terms or less and loan-to-value ratios of 78% or less are exempt from monthly premiums. The VA Funding Fee is Between .5% and 3.3%. A VA funding fee is required by most borrowers using VA home loan benefits.