This Pricing Supplement relates to the Debt Securities described below (the "Notes"). 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 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:

1.05% Notes Due May 22, 2018

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:

May 22, 2015

6.

Maturity Date:

May 22, 2018

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 May 22, 2017 at a redemption price of 100% of the principal amount redeemed, plus accrued interest thereon to the date of redemption.

8.

Interest Category:

Fixed Rate Securities

9.

Interest

a.

Frequency of Interest Payments:

semiannually

b.

Interest Payment Dates:

the 22nd day of each May and November

c.

First Interest Payment Date:

November 22, 2015

d.

Interest rate per annum:

1.05%

Additional Information Relating to the Notes

1.

Identification Number(s)

a.

CUSIP:

3136G2J57

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:

April 28, 2015

2.

Method of Distribution:

X Principal

__ Non-underwritten

3.

The following dealers have agreed, jointly and severally, to purchase all of the Notes:

Vining-Sparks IBG, Limited Partnership

First Tennessee Bank National Association

a.

Representative(s):

Vining-Sparks IBG, Limited Partnership

b.

Stabilizing Manager:

Vining-Sparks IBG, Limited Partnership

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: 99.9175% of principal amount

a.

Concession:

N/A

b.

Reallowance:

N/A

6.

Proceeds to Fannie Mae:

$14,987,625.00

Settlement

1.

Settlement Date:

May 22, 2015

2.

Settlement Basis:

delivery versus payment

3.

Settlement Clearing System:

U.S. Federal Reserve Banks