This bill mandates the Secretary of Agriculture to establish a pilot program for an expedited qualification and approval process for specific farm ownership loans. This program will apply to direct farm ownership loans and guaranteed farm ownership loans serviced by a Preferred Certified Lender for creditworthy borrowers. The Secretary is directed to consider streamlining the necessary determinations for certifications and assessments related to these loans, focusing on reducing application processing time. However, the program explicitly states it does not authorize the waiver or modification of any other requirements. The pilot program must be implemented within one year of enactment, and the Secretary is required to submit annual reports to Congress detailing its actions and results. The authority for this expedited approval pilot program will terminate on September 30, 2031 .