Although there are few places to turn for high Loan to Value (LTV) refinance mortgage options nowadays, at least with competitive interest rate pricing, the fha refinance rate and term option is still available, and still a good deal for those with current high interest rates or loans due to adjust upward. 

The main criteria to qualify for a rate and term fha refinance are a credit score that is at 620 or above, an LTV that is under 97 percent, and a requirement that the borrower is only refinancing their first mortgage.  You can also refinance your first and second mortgage under a rate-term fha refinance, but you must have taken out your second mortgage on the same day that you took out the first mortgage, common for people that originally financed their home to eliminate private mortgage insurance.