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:

1.75% Notes Due November 25, 2024

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:

August 25, 2016

6.

Maturity Date:

November 25, 2024

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.

August 25, 2017 November 25, 2017 February 25, 2018 May 25, 2018 August 25, 2018 November 25, 2018 February 25, 2019 May 25, 2019 August 25, 2019 November 25, 2019 February 25, 2020 May 25, 2020 August 25, 2020 November 25, 2020 February 25, 2021 May 25, 2021 August 25, 2021 November 25, 2021 February 25, 2022 May 25, 2022 August 25, 2022 November 25, 2022 February 25, 2023 May 25, 2023 August 25, 2023 November 25, 2023 February 25, 2024 May 25, 2024 August 25, 2024

8.

Interest Category:

Fixed Rate Securities

9.

Interest

a.

Frequency of Interest Payments:

semiannually

b.

Interest Payment Dates:

the 25th day of each February and August

c.

First Interest Payment Date:

February 25, 2017

d.

Interest rate per annum:

1.75%

Additional Information Relating to the Notes

1.

Identification Number(s)

a.

CUSIP:

3136G34R3

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:

August 18, 2016

2.

Method of Distribution:

X Principal

__ Non-underwritten

3.

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

Amherst Pierpont Securities LLC

Mesirow Financial

a.

Representative(s):

Amherst Pierpont Securities LLC

b.

Stabilizing Manager:

Amherst Pierpont Securities LLC

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: 99.405% of principal amount

a.

Concession:

N/A

b.

Reallowance:

N/A

6.

Proceeds to Fannie Mae:

$14,910,750.00

Settlement

1.

Settlement Date:

August 25, 2016

2.

Settlement Basis:

delivery versus payment

3.

Settlement Clearing System:

U.S. Federal Reserve Banks