Yes,
the loan on your principal residence can be used to purchase a rental in which case the interest for that portion of the loan would ONLY be claimed as an expense for the rental and COULD NOT be claimed as home mortgage interest on your primary home.
"Secured loan. The allocation of loan proceeds
and the related interest is generally not affected
by the use of property that secures the loan."
Pub 535
"Mortgage proceeds used for business or investment. If your home mortgage interest deduction is limited under the rules explained in Part II, but all or part of the mortgage proceeds were used for business, investment, or other deductible activities, see Table 2 near the end of this publication. It shows where to deduct the part of your excess interest that is for those activities. The Table 1 Instructions for line 16 in Part II explain how to divide the excess interest among the activities for which the mortgage proceeds were used.
Pub 936
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