Recently, finetuning pretrained vision-language models (VLMs) has become one prevailing paradigm to achieve state-of-the-art performance in VQA. However, as VLMs scale, it becomes computationally expensive, storage inefficient, and prone to overfitting to tune 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 \textbf{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 \textbf{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.