Have equity in the house but can't refi the house for lower rate.

[Taye N.]

So currently my parents house is worth say, 525k and they owe about 260k. So the equity is about 265k. My dad makes about 45k he claims for his work.

His current interest rate is 5.5 percent. He wants to refi to get a lower rate. 

Any suggestions? I been to a few lenders and no one can help because he doesn't make enough.

Suggestions and advice, No co-signers