Can I refinance my home if it is owner financed

If I understand your question correct the answer is yes...most likely. If you purchaed the house and the seller acted as the bank you would be able to treat a new loan with a 'real' bank as a refinance. If the refinance were to be done within the first year most lenders will use the lower of the sale price or the new appraised value. You would need to provide documentation of the down payment and payment history, but otherwise it can be done. If your plan is to take cash out of the new refinance you may be disappointed as that will not likely be an option.