Farm Ownership Improvement Act

This bill establishes a 5-year pilot program to streamline direct farm ownership loans for farmers and ranchers, prioritizing beginning farmers and ranchers through targeted outreach. It allows the Secretary to use alternative methods, like financial benchmarking, to assess borrower viability and repayment likelihood instead of standard requirements. The pilot program must be evaluated annually, with reports to Congress detailing outcomes, participant demographics, and recommendations on whether to make it permanent. The bill does not change existing borrowing requirements under current law.