This realtor needs to put her two cents in on this conversation.....
Late payment has recent as Feb 2015. Which means you have a good 6-7 months to clean up your credit. I suggest you apply for a secured credit card via maybe Orchard Bank, there are quite a few out there but this one comes to mind. Start using the card and making timely payments. This will bring your credit score up by the time you start looking for a home again. I don't ever suggest to my clients a hard money loan. Interest rates are just under 4% right now with the banks. Even though they may rise a smidge by the time you apply for a loan I doubt ( I may be wrong but I don't think so ) they will be up in the 8% area. You must make your current mortgage payments in a timely matter (meaning don't go over 30 days late) otherwise you will have to start your 12 months all over again. Good luck and if you need any more info feel free to PM me.
Ro