The "Farm Ownership Improvement Act" requires the Secretary of Agriculture to establish a five-year pilot program within two years of enactment. This program will implement a pre-qualification or pre-approval process for farmers and ranchers seeking direct farm ownership loans under the Consolidated Farm and Rural Development Act. For participants in the pilot program, the Secretary may utilize alternative methods , such as financial benchmarking, to assess their financial viability and repayment likelihood. The bill emphasizes outreach to organizations engaged with beginning farmers or ranchers and mandates ongoing evaluation of the pilot program. Annually, the Secretary must report to Congress on the program's performance, participant demographics, and provide a recommendation on whether to authorize a permanent program based on the pilot's success.