No, You can treat a home under construction as a qualified home for a period of up to 24 months, but only if it becomes your qualified home at the time it's ready for occupancy. The 24-month period can start any time on or after the day construction begins. As a qualified home, the interest paid may qualify as deductible mortgage interest, with certain limitations.
You can't deduct interest on land that you keep and intend to build a home on. However, some interest may be deductible once construction begins.
IRS - Mortgage on land
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