Recently, finetuning pretrained vision-language models (VLMs) has been a prevailing paradigm for achieving state-of-the-art performance in VQA. However, as VLMs scale, it becomes computationally expensive, storage inefficient, and prone to overfitting when tuning full model parameters for a specific task in low-resource settings. Although current parameter-efficient tuning methods dramatically reduce the number of tunable parameters, there still exists a significant performance gap with full finetuning. In this paper, we propose MixPHM, a redundancy-aware parameter-efficient tuning method that outperforms full finetuning in low-resource VQA. Specifically, MixPHM is a lightweight module implemented by multiple PHM-experts in a mixture-of-experts manner. To reduce parameter redundancy, we reparameterize expert weights in a low-rank subspace and share part of the weights inside and across MixPHM. Moreover, based on our quantitative analysis of representation redundancy, we propose Redundancy Regularization, which facilitates MixPHM to reduce task-irrelevant redundancy while promoting task-relevant correlation. Experiments conducted on VQA v2, GQA, and OK-VQA with different low-resource settings show that our MixPHM outperforms state-of-the-art parameter-efficient methods and is the only one consistently surpassing full finetuning.