Family Farm Opportunity Act

Family Farm Opportunity Act - Directs the Secretary of Agriculture to accept from a person unable to repay a Farmers Home Administration (FmHA) loan, the transfer of the securing farmland or debt, and to lease such farmland back to the person for up to five years. Permits such agreement to place 50 percent of the land into soil conservation practices as long as county acreage levels held out of production do not exceed specified levels.

Provides that at such lease's termination the Secretary shall transfer ownership back to the lessee if he or she is willing and financially able to resume ownership, or if not, then to lease such land to a beginning farmer.

Requires beginning farmers to apply through the county FmHA committees. Gives priority to persons under 40 years old with a net worth of less than $100,000.

Permits the Secretary to subdivide large farms and sell land under specified circumstances unless farm prices in a State are declining.

Authorizes the Secretary to lease (up to 15-year leases) from a lender abandoned or foreclosed farmland. Requires sublease on a first refusal basis to the previous owner, then to a beginning farmer (up to five-year leases).