Yes. Even if you already own a building lot and construct a new home on that lot within the qualifying time frame for the first time home buyer tax credit, you can qualify for the credit. The law treats the new home as being “purchased” on the date you first occupy the house. So, in order to claim the first time home buyer tax credit, you must first occupy the home on or after January 1, 2009 and before December 1, 2009.
If you are buying a newly-constructed home from a builder, your eligibility for the first time home buyer tax credit is determined by the closing date of the purchase.
First Time Home Buyer Resources