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.
standard fha insured mortgages require the home buyer to put up a down payment of at least 3 5 percent of the purchase price this is one of the lowest down payment levels available for mortgages to get an fha loan with a 3 5 percent down payment the home buyer must have a fico credit score of at least 580hud increased the minimum score for a minimum down payment fha loan from 500 to 580 in january 2010he fha mortgage program has no set minimum score requirement to be approved for an fha loan applicants with credit scores below 620 can go through a manual underwriting process to determine if they are eligible