Is there any way to obtain a refinance with a credit score below 500?

Answer 1

Only if you want to refi say $50K on a home that's worth $1M.

Answer 2

You can always find a way to refinance but it might not be in your best interest. A credit score below 500 puts you in a higher risk category; while you can find some lenders who'd be glad to lend you money, it'll probably cost you a lot! Make sure you read the fine print on any loan you are considering, especially any interest-only loans, because they may look very good when the mortgage broker presents them, but may end up costing you way more than you expect.