We explore the phenomenology of a two-Higgs-doublet model (2HDM) where both Higgs doublets couple to up-type and down-type fermions with couplings determined by the minimal flavor violation (MFV) ansatz. This 2HDM ''type MFV'' generalizes 2HDM types I-IV, where the decay rates of h ! b " b and h ! þ À are governed by MFV couplings independent of the Higgs couplings to gauge bosons or the top quark. To determine the implications of the present Higgs data on the model, we have performed global fits to all relevant data. Several surprisingly large effects on the light Higgs phenomenology can arise: (1) The modified couplings of the Higgs to fermions can enhance the h ! rate significantly in both vector boson fusion production (up to a factor of 3 or more) and the inclusive rate (up to a factor of 1.5 or more); (2) in the 2HDM type MFV, the constraints on a light charged Higgs are milder than in 2HDM types I-IV. Thus, there can be substantial charged Higgs loop contribution to the diphoton rate, allowing further enhancements of the diphoton rates; (3) the h ! þ À rate can be (highly) suppressed, independently of the other decay channels. Furthermore, we studied the correlation between the light Higgs and the heavy Higgs phenomenology. We showed that even small deviations from the decoupling limit would imply good prospects for the detection of the heavy Higgs boson. In some regions of parameter space, a substantial range of M H is already either ruled out or on the edge of detection. Finally, we investigated the possibility that the heavy Higgs is close in mass to the light Higgs, providing an additional h=H ! b " b rate, as well as confounding the extraction of properties of the Higgs bosons.