Beginning farmer or rancher and socially disadvantaged farmer or rancher contract land sales program

The Secretary shall, in accordance with this section, guarantee a loan made by a private seller of a farm or ranch to a qualified beginning farmer or rancher or socially disadvantaged farmer or rancher (as defined in section 2003(e)(2) of this title) on a contract land sales basis. In order to be eligible for a loan guarantee under subsection (a)— the qualified beginning farmer or rancher or socially disadvantaged farmer or rancher shall— have a credit history that— The Secretary shall not provide a loan guarantee under subsection (a) if the contribution of the qualified beginning farmer or rancher or socially disadvantaged farmer or rancher to the down payment for the farm or ranch that is the subject of the contract land sale would be less than 5 percent of the purchase price of the farm or ranch. The Secretary shall not provide a loan guarantee under subsection (a) if the purchase price or the appraisal value of the farm or ranch that is the subject of the contract land sale is greater than $500,000. The period during which a loan guarantee under this section is in effect shall be the 10-year period beginning with the date the guarantee is provided. A private seller of a farm or ranch who makes a loan that is guaranteed by the Secretary under subsection (a) may select— a prompt payment guarantee plan, which shall cover— In order for a private seller to be eligible for a standard guarantee plan referred to in paragraph (1)(B), the private seller shall— The Secretary may phase-in the implementation of the changes to the Beginning Farmer and Rancher and Socially Disadvantaged Farmer or Rancher Contract Land Sales Program provided for in this section. All changes to the Beginning Farmer and Rancher and Socially Disadvantaged Farmer or Rancher Contract Land Sales Program must be implemented for the 2011 Fiscal Year.