Deductions & credits

That is true, but as SweetieJean said, to be deducible a home loan must be secured by the property that can be sold as if the loan defaults.  Many (many most) states require that secured home loans be registered with the county registrars office against the property title..   It requires a specific loan contract to qualify.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**