Making use of the Virtual assistant bucks-away without getting cash back For people who qualify for the fresh VA’s mortgage experts but have a different loan – an FHA financial, such as for example – you could use an excellent Va bucks-off to enter the latest Virtual assistant program. Even with the term, you don’t need to just take cash return; make use of it a straightforward refinance of your established FHA amount borrowed. One of the primary benefits to this plan might possibly be reducing your FHA loan’s home loan insurance premiums.