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.
There are smaller and more lenient down payment requirements. Most FHA mortgages require a 3.5% down payment â thatâs $3,500 for every $100,000 you borrow â and the average down payment on an FHA home loan is about 5%, according to Ellie Mae.