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3 solutions for refinancing with a second mortgage
If you have both a first and a second mortgage on your home, you may have assumed that refinancing was not an option for you. Whether you have low equity or are underwater on your home loan, an FHA refinance might resolve your mortgage refinancing dilemma.

Qualifying for a refinance depends on two things: your home value and your creditworthiness. Whether your challenge is a lack of home equity or a low credit score, an FHA mortgage may be a solution. Even when you add in the extra issue of a second mortgage, an FHA refinance may still be available.

FHA refinancing
If you have an FHA mortgage now or a conventional loan, you can refinance with an FHA loan. The qualifications for an FHA refinance are the same as for an FHA loan for purchase: most lenders require a minimum credit score of 620 or 640 and your debt-to-income ratio must not exceed 41 percent. You can refinance a loan-to-value of 97.75 percent on your first mortgage. While these FHA guidelines are more lenient than the guidelines for conventional financing, you do have to pay both upfront and monthly mortgage insurance premiums with an FHA loan. If you haven’t been paying mortgage insurance, the impact on your monthly payments could mean that you won’t save much with an FHA refinance unless your interest rate drops significantly.