Maybe. The theory is that a person who acts as his or her own general contractor and works on the building will be putting in both time and effort that would otherwise need to be paid for. Anyone attempting this must have significant experience in the building industry, especially in dealing with contractors.
In order to build your own home you will need to commit to a significant amount of time at the building site as a builder or as a supervisor of construction workers, which may cause problems with your regular job that pays the bills. Anything that can cause a change in your income will bother the lenders that provide funding for construction loans. Unless you have the experience of being a general contractor and the funds, leave the house building for the professionals. Look at it this way, if you seriously mess up in building your dream house your spouse may never forgive you, while if a hired general contractor messes up you can always sue him or her.