A semiconductor device has a substrate and a first component disposed over a first surface of the substrate. A connector is disposed over the first surface of the substrate. A first encapsulant is deposited over the first component while the connector remains outside of the first encapsulant. A shielding layer is formed over the first encapsulant while the connector remains outside of the shielding layer. A second component is disposed over a second surface of the substrate. A solder bump is disposed over the second surface of the substrate. A second encapsulant is deposited over the second surface of the substrate. An opening is formed through the second encapsulant to expose the solder bump. A solder ball is disposed in the opening. The solder ball and solder bump are reflowed to form a combined solder bump.