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.
What are FHA house loans â How to Apply for & FHA Mortgage Requirements. An FHA loan is a type of government insured mortgage. FHA loans do not require a large downpayment and have many advantages over conventional loans. Begin your free FHA loan approval now and apply for a rebate of up to 2.75% ($28,000 maximum) of the loan amount.