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 have been part of the American mortgage system since 1934. The minimum down payment requirement for an FHA loan is 3.5%. For a $100,000 sales price, the minimum down payment is $3,500. There is also an MI premium that can be folded into the loan.