Farm Entry Assistance Act

Farm Entry Assistance Act - Title I: States the findings of Congress, and the purposes of this Act.

Title II: Establishment of Farm Entry Assistance Program - Directs the Secretary of Agriculture to establish a program to provide financial assistance to individuals who are seeking to establish and operate full-time family farms.

Prescribes the general criteria for State programs.

Title III: Application for the Program - Limits qualification for such assistance to applicants who: (1) are seeking to operate a family farm; (2) are entering farming on a full-time basis for the first time during the ten years prior to the date of application; (3) have been denied credit on reasonable terms from a commercial source and the Farmers Home Administration, and could not obtain credit without the program's assistance; (4) demonstrate they are qualified to operate a family farm on a full-time basis; and (5) have net worths of less than $75,000 in 1979 dollars.

Title IV: Federal Assistance to Applicants through State Agencies - Directs the Secretary to make available to qualified applicants guarantees of not more than 90 percent of the principal and interest of certain loans, not more than 90 percent of payments due under certain leases or contracts. Subjects to the specified guidelines of this program: (1) loans for the purchase of farmland, for operating purposes, or for both; (2) payments on a land purchase contract with a ten-year repayment period; and (3) payments on leases of not more than ten years. Requires the availability of guarantees for other State programs consistent with specified requirements.

Prescribes the general procedures the Secretary is to follow in the event of defaults by any beneficiary on such guaranteed loans, contract obligations, or leases.

Title V: Funding - Directs the Secretary to make available not more than $400,000,000 in guarantees for each of the four fiscal years following the first fiscal year commencing at least one year after enactment. Prescribes a general allocation formula for distribution of such guarantees among participating States.

Creates a Farm Entry Assistance Fund for the discharge of the obligations of the Secretary under contracts guaranteeing loans or leases under this Act.

Title VI: Reports - Requires the Secretary to report annually on the operation of the program to the appropriate committees of Congress.