Hi
Well, you'd definitely need homeowner's insurance and that would be up to you as to which company you would use. For example: AllState. The mortgage insurance itself is something your mortgage company takes care of (I think).
The only loan that comes to mind for renovating the house is a home equity loan but you couldn't get one of those until you've already paid off some of the mortgage. Some cities offer low-interest loans to renovate properties that are in less desirable areas in order to encourage people to buy there. Maybe that's something you could look into?
Your very first step would be to procure the services of a "buyer's agent". That is a real estate agent who is working specifically for you and has your best interests in mind. The agent who is listing the house (ie the person whose name is on the sign) is working for the sellers so is theoretically looking out for them, not you. There is no cost to you for a buyer's agent; he or she gets to split the commission with the listing agent. You can find a buyer's agent by calling any Realty company and explaining your situation.
Once you're hooked up with a buyer's agent, he or she should be knowledgable about where you go from there. I understand the process somewhat because Mr. KR and I sold our old house and bought a new one within the past few months. But I didn't really pay a lot of attention to the financial end of things. I do know there are *insane* amounts of paperwork, though!
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