I'm in the process of refinancing my home from a 4.65% to a 2.99%. My mid credit score is 657. I have about 150K equity. I have one 30 day late in Nov 2019 (over 12 months) I was told I cant get a loan (20 year-my current is 30 yr) and that I need to have it remove. It was a misbalance of funcs. My fault. I'm also looking at buying an investment home with 20% at 30 year. I have read and heard different things. My score is ok. I have good amount of equity, good income from job, very little debt and 20% down for rental.
@Matthew Swearingen You have paid 12 month payment on time after missing mortgage payment. You should be fine to proceed with refinance and purchase new property.
Since it is over 12 months since your late payment, you should be fine. I think your problem is the 657 credit score. 1 late over a year ago wouldn't do that. What over issues are on your credit? I would work at resolving them.