The Fair Credit for Farmers Act of 2023 provides debt relief and loan reforms to help struggling farmers and ranchers. The bill offers a two-year payment deferment on direct farm loans for economically distressed borrowers, reduces their interest rates to zero percent during that period, and waives certain fees for historically underserved farmers including minorities, beginning farmers, veterans, and limited-resource operators. The legislation also reforms how the Department of Agriculture administers farm loans by requiring clearer explanation of loan denials, limiting when farmers' homes can be used as collateral, allowing automatic release of home liens when other assets cover the loan value, and enabling refinancing of existing debts through farm ownership and operating loans. Additionally, the bill strengthens the appeals process by shifting the burden of proof to the government for farmers with annual income below $300,000 and expanding eligibility for compensation when farmers were harmed by erroneous agency decisions or delays in the appeals process. These changes take effect upon enactment, with the two-year loan relief period running from the bill's passage date.