Final answer:
The No Doc mortgage is the one that is NOT a common type of mortgage, as it does not require borrowers to provide traditional proof of income and is less available since the financial crisis of 2008.
Step-by-step explanation:
The question asks which of the following is NOT a common type of mortgage: VA, FHA, Conventional, or No Doc. The VA (Veterans Affairs) mortgage is specifically for U.S. veterans, active-duty service members, and select military spouses. The FHA (Federal Housing Administration) mortgage is a government-backed loan that allows for lower down payments and is often chosen by first-time homebuyers. A Conventional mortgage is not government-insured and usually requires a higher down payment but has potentially lower fees and insurance costs.
The No Doc or No Documentation mortgage is less common and often not listed among the standard types of mortgages. This kind of mortgage does not require borrowers to prove their income through traditional means, like tax returns or pay stubs, and was more prevalent before the financial crisis of 2008. Today, due to much stricter lending standards, they are rare and typically only available to borrowers with significant assets.