Family Farm Security Act

[AI summary unavailable — showing source text] Family Farm Security Act - Title I: Land Acquisition Loans - Authorizes the Secretary of Agriculture to guarantee loans to enable young people who wish to engage in farming on a career basis to purchase land necessary for such purpose. Stipulates that no loan shall be guaranteed in an amount in excess of: (1) 75 percent of its total amount; (2) the appraised value of the property; or (3) $150,000, whichever is less. Authorizes the Secretary to make payment adjustments extending payments for up to an additional ten years for loans having a maximum term of 20 years. Directs the Secretary during the first ten years of a loan to pay annually to the lender four percent of the outstanding balance due at the beginning of that year. Requires the borrower to repay such amounts to the Secretary in the eleventh year unless such individual is granted an extension. Stipulates that such loans may only be made available to individuals who would be unable to purchase the farmland for which the loan is made without the assistance of this Act. Directs the Secretary to provide for the appointment of local county committees to assist in the screening of applicants for loan guarantees and payment adjus…