Pricing Supplement Dated April 06, 2017
(To Offering Circular dated December 2, 2015)

Benchmark Notes®

This Pricing Supplement relates to the Debt Securities described below (the "Notes"). You should read it together with the Offering Circular dated December 2, 2015 (the "Offering Circular"), relating to the Universal Debt Facility of the Federal National Mortgage Association ("Fannie Mae"). Unless defined below, capitalized terms have the meanings we gave to them in the Offering Circular.

The Notes, and interest thereon, are not guaranteed by the United States and do not constitute a debt or obligation of the United States or of any agency or instrumentality thereof other than Fannie Mae.

Certain Securities Terms

1. Title: 1.875% Notes Due April 05, 2022

2. Form: Fed Book-Entry Securities

3. Specified Payment Currency

a. Interest: U.S. dollars

b. Principal: U.S. dollars

4. Aggregate Original Principal Amount: $2,000,000,000.00

5. Issue Date: April 10, 2017

6. Maturity Date: April 05, 2022

Amount Payable on the Maturity Date: 100.00% of principal amount

7. Subject to Redemption Prior to Maturity Date
X No
__ Yes


______________
"Benchmark Notes" is a registered trademark of Fannie Mae.

8. Interest Category: Fixed Rate Securities

9. Interest

a. Frequency of Interest Payments: semiannually

b. Interest Payment Dates: the 5th day of each April and October

c. First Interest Payment Date: October 05, 2017

d. Interest rate per annum: 1.875%

10. Authorized Denominations (if other than minimum denominations of U.S. $1,000.00 and additional increments of U.S. $1,000.00)

a. Minimum Denominations: U.S. $2,000.00

b. Additional Increments: U.S. $1,000.00

Additional Information Relating to the Notes

1. Identification Number(s)

a. CUSIP: 3135G0T45

b. ISIN: US3135G0T450

c. Common Code: 159872378

2. Listing Application
X No
__ Yes

3. Eligibility for Stripping on the Issue Date
__ No
X Yes
X Minimum Principal Amount: $ 320,000.00

Offering

1. Pricing Date: April 06, 2017

2. Method of Distribution: X Principal __ Non-underwritten

3. Dealers Underwriting Commitment

J.P. Morgan Securities LLC $ 586,000,000
Nomura Securities International, Inc. 586,000,000
TD Securities (USA) LLC 586,000,000
CastleOak Securities, L.P. 47,000,000
Great Pacific Securities 65,000,000
Guzman & Company 35,000,000
Loop Capital Markets, LLC 60,000,000
Stern Brothers & Co 35,000,000

Total $ 2,000,000,000

a. Representative(s): J.P. Morgan Securities LLC
Nomura Securities International, Inc.
TD Securities (USA) LLC

b. Stabilizing Manager: J.P. Morgan Securities LLC

4. Offering Price:
X Fixed Offering Price: 99.551% of principal amount, plus accrued interest, if any, from the Settlement Date
__ Variable Price Offering

5. Dealer Purchase Price: 99.426% of principal amount

a. Concession: N/A

b. Reallowance: N/A

6. Supplemental Plan of Distribution: See Annex 1

Settlement

1. Settlement Date: April 10, 2017

2. Settlement Basis: delivery versus payment

3. Settlement Clearing System: U.S. Federal Reserve Banks

ANNEX 1

TO PRICING SUPPLEMENT DATED April 06, 2017
RELATING TO: 1.875% Notes Due April 05, 2022

SUPPLEMENTAL PLAN OF DISTRIBUTION

We will sell $2,000,000,000.00 principal amount of the Notes to the Dealers listed under "Offering" in this Pricing Supplement at the Dealer Purchase Price specified in this Pricing Supplement. In addition, to facilitate secondary market transactions, from time to time we may sell up to $500,000,000.00 principal amount of the Notes (the "Additional Notes") in connection with agreements by Fannie Mae to repurchase the Additional Notes. The Additional Notes will be held in an account at the Federal Reserve Bank of New York. It is expected that the Additional Notes will be available for sale to approved dealers through a multiple price auction process. We expect that the results of each auction will be posted as soon as possible following the completion of each auction on Bloomberg and Reuters. We may discontinue sales of Additional Notes at any time without notice.

This Pricing Supplement may also be used in connection with the issuance by Fannie Mae of any Additional Notes.