If your mortgage interest* + state/local taxes** + 501c3 donations > standard deduction, yes, you can reduce your taxable income. However, treat this as a discount on your mortgage interest - you're basically discounting the interest rate by your tax bracket. Don't buy a home just because you can save taxes. Buy a home only because it makes sense in your situation, and only when you are able to maintain it and deal with repairs.

*Capped at the first $750k borrowed

**Capped at $10k