This Pricing Supplement relates to the Debt Securities described below (the "Bonds"). You should read it together with the Offering Circular dated June 11, 2014 (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 Bonds, 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:

3.50% Bonds Due November 13, 2029

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:

$15,000,000.00

5.

Issue Date:

November 13, 2014

6.

Maturity Date:

November 13, 2029

Amount Payable on the Maturity Date:

100.00% of principal amount

7.

Subject to Redemption Prior to Maturity Date

__

No

X

Yes; in whole or in part, at our option, on the following dates at a redemption price of 100% of the principal amount redeemed, plus accrued interest thereon to the date of redemption.

November 13, 2015 May 13, 2016 November 13, 2016 May 13, 2017 November 13, 2017 May 13, 2018 November 13, 2018 May 13, 2019 November 13, 2019 May 13, 2020 November 13, 2020 May 13, 2021 November 13, 2021 May 13, 2022 November 13, 2022 May 13, 2023 November 13, 2023 May 13, 2024 November 13, 2024 May 13, 2025 November 13, 2025 May 13, 2026 November 13, 2026 May 13, 2027 November 13, 2027 May 13, 2028 November 13, 2028 May 13, 2029

8.

Interest Category:

Fixed Rate Securities

9.

Interest

a.

Frequency of Interest Payments:

semiannually

b.

Interest Payment Dates:

the 13th day of each May and November

c.

First Interest Payment Date:

May 13, 2015

d.

Interest rate per annum:

3.50%

Additional Information Relating to the Bonds

1.

Identification Number(s)

a.

CUSIP:

3136G27M3

b.

ISIN:

N/A

c.

Common Code:

N/A

2.

Listing Application

	X No
	__ Yes

3.

Eligibility for Stripping on the Issue Date

	X No
	__ Yes

___ Minimum Principal Amount: _____________

Offering

1.

Pricing Date:

October 28, 2014

2.

Method of Distribution:

X Principal

__ Non-underwritten

3.

Dealer:

Multi-Bank Securities, Inc.

4.

Offering Price:

X

Fixed Offering Price: 100.00% of principal amount, plus accrued interest, if any, from the Settlement Date

__

Variable Price Offering

5.

Dealer Purchase Price: 99.96% of principal amount

a.

Concession:

N/A

b.

Reallowance:

N/A

6.

Proceeds to Fannie Mae:

$14,994,000.00

Settlement

1.

Settlement Date:

November 13, 2014

2.

Settlement Basis:

delivery versus payment

3.

Settlement Clearing System:

U.S. Federal Reserve Banks