If a first time home buyer obtains an FHA loan and puts 3.5% down on a house, does the PMI apply?Also, is it true that there is now a 40-year mortgage available? Would you recommend it over the 30-year mortgage?December 28 2008 - Saint Louis00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.