Farming Opportunity Act of 1992

Farming Opportunity Act of 1992 - Amends the Consolidated Farm and Rural Development Act to provide for Federal-State coordination of assistance for beginning farmers and ranchers.

Directs the Secretary of Agriculture (Secretary) to establish an Advisory Committee on Beginning Farmers and Ranchers. Directs the Secretary to establish a program of assistance (ten-year maximum) for beginning farmers and ranchers. Requires an applicant to submit a farm operations plan (plan) to the appropriate county committee, which must be approved by the committee and then by the Secretary.

Provides assistance in the form of operating and equipment loans or guarantees. Gives applicants priority for equipment purchases in the Farmers Home Administration (FmHA) inventory.

Terminates assistance for avoidable failure to achieve plan goals.

Directs the Secretary to establish within the farm ownership loan program a ten-year down payment loan program for beginning farmers and ranchers. Sets forth loan terms.

Limits the availability of certain other agricultural loans and guarantees to beginning farmers and ranchers during specified applicable periods.

Directs the Secretary to: (1) establish a program to encourage borrowers with operating loans or guarantees to graduate to private commercial credit sources; (2) develop a simplified application for loans of $50,000 or less; (3) provide for the graduation of FmHA direct loan borrowers to FmHA guaranteed loans; and (4) keep gender-based records of loan success rates and include women among targeted loan recipients.

Sets forth debt service margin requirements, including the establishment of a certified lenders program.