The Fair Credit for Farmers Act seeks to amend the Consolidated Farm and Rural Development Act to reform farm loans and the Department of Agriculture Reorganization Act of 1994 to reform the National Appeals Division process. It mandates that the Secretary of Agriculture defer payments of principal and interest on direct farm loans for eligible borrowers for two years, extending the maturity date by the same period. During this deferment, the interest rate on these loans will be reduced to 0.125 percent, and guarantee fees for guaranteed farm loans to covered producers will be waived for at least two years. The bill introduces several farm loan reforms, including changes to eligibility for direct farm ownership loans, requiring one year of experience but allowing waivers for beginning farmers with mentorship or other acceptable experience. It revises collateralization rules, making a borrower's principal residence the last option for securing direct farmer program loans and prohibiting the Secretary from requiring security in excess of the loan amount. Furthermore, the legislation removes eligibility restrictions for farm ownership or operating loans based on a previous debt write-down or other loss to the Secretary. New provisions require the Secretary to include detailed reasons, regulatory references, and handbook instructions in adverse decision letters for farmer program loans or benefits, preventing subsequent denials based on unstated reasons. The bill also expands the allowed purposes for farm ownership and operating loans to include refinancing indebtedness, even guaranteed loans, with certain limitations. Additionally, it adjusts set-aside requirements for beginning farmers and ranchers to be implemented "to the extent practicable." The Act significantly expands equitable relief provisions for applicants, particularly in cases where the Farm Service Agency made errors in denying loans or benefits, or where delays in the appeals process rendered an original application unfeasible. It grants National Appeals Division hearing officers the authority to provide equitable relief. Crucially, for appellants with an adjusted gross income of $300,000 or less, the burden of proof shifts to the agency to demonstrate that its adverse decision was not erroneous, and agencies must implement NAD final determinations using the Division's information without imposing additional conditions.