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:

1.80% Notes Due September 30, 2020

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:

September 30, 2015

6.

Maturity Date:

September 30, 2020

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.

March 30, 2016 June 30, 2016 September 30, 2016 December 30, 2016 March 30, 2017 June 30, 2017 September 30, 2017 December 30, 2017 March 30, 2018 June 30, 2018 September 30, 2018 December 30, 2018 March 30, 2019 June 30, 2019 September 30, 2019 December 30, 2019 March 30, 2020 June 30, 2020

8.

Interest Category:

Fixed Rate Securities

9.

Interest

a.

Frequency of Interest Payments:

semiannually

b.

Interest Payment Dates:

the 30th day of each March and September

c.

First Interest Payment Date:

March 30, 2016

d.

Interest rate per annum:

1.80%

Additional Information Relating to the Notes

1.

Identification Number(s)

a.

CUSIP:

3136G2N86

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:

September 18, 2015

2.

Method of Distribution:

X Principal

__ Non-underwritten

3.

Dealer:

Hapoalim Securities USA

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: 99.90% of principal amount

a.

Concession:

N/A

b.

Reallowance:

N/A

6.

Proceeds to Fannie Mae:

$14,985,000.00

Settlement

1.

Settlement Date:

September 30, 2015

2.

Settlement Basis:

delivery versus payment

3.

Settlement Clearing System:

U.S. Federal Reserve Banks