I have two rental properties through the VA loan being military.

@Michael Ewersi can only speak for what i've done as i suspect it varies by market. 

You aren't required to offer a loan mod prior to foreclosure.

Another way to say is that what is the value of the property (today) compared to what is owed on the loan?

For comparison, a Navy Federal FCU personal loan will be in the 15s%

So for the first property which will cost over $1 mil to construct, there will be stacked loans, essentially $280K will come from loan assistance program,( the name is not correct but the same idea).

Start by getting pre-approved for a loan, ensuring your credit score, debt-to-income ratio, and finances meet lender requirements.

Understand what you are investing in....is it a secured loan, unsecured loan, membership interest in an entity that deploys capital like a feeder fund or direct membership interest in an entity that is the deed holder? 

. - that might be a situation where you would want to work with a contractor directly because you would have lots of different options with widely varying costs.

@Luke Hamlin you can buy a second home with 10% down with a Conventional loan.