**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      l0-Q**

| [X] | **QUARTERLY                REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE                ACT OF                1934** |
|-----|------------------------------------------------------------------------------------------------------------------------------------------|

**For      the Quarterly Period Ended September 30, 2007**

| [  ] | **TRANSITION                REPORT PURSUANT TO SECTION 13 OR 15****(d) OF THE SECURITIES                EXCHANGE ACT OF 1934** |
|----------------|--------------------------------------------------------------------------------------------------------------------------------|

**For      the transition period from ________ to __________**

**OWENS      MORTGAGE INVESTMENT FUND,**

**a      California Limited Partnership**

| California                                              |   | 68-0023931                                          |
|---------------------------------------------------------|--------|-----------------------------------------------------|
| (State                or other jurisdiction             |   | (I.R.S.                Employer Identification No.) |
| of                incorporation or organization)        |   |                                                |
|                                                    |   |                                                |
| 2221                Olympic Boulevard                   |   |                                                |
| Walnut                Creek, California                 |   | 94595                                               |
| (Address                of principal executive offices) |   | (Zip                Code)                           |
|                                                    |   |                                                |
| (925)                935-3840                           |   |                                                |
| Registrant’s                telephone number,     |   |                                                |
| including                area code                      |   |                                                |

**NOT      APPLICABLE**

| Large                accelerated filer [   ] | Accelerated                filer [   ] | Non-accelerated                filer [X] |
|-------------------------------------------------------------|-------------------------------------------------------|------------------------------------------|

----

|                    | **TABLE                OF CONTENTS**                                                                |     |
|-------------------------|-----------------------------------------------------------------------------------------------------|----------|
|                    |                                                                                                |     |
|                    | **PART                I – FINANCIAL INFORMATION**                                             |     |
|                    |                                                                                                | **Page** |
|                    |                                                                                                |     |
| Item                1.  | Financial                Statements                                                                 | 3        |
|                    |                                                                                                |     |
| Item                2.  | Management’s                Discussion and Analysis of Financial                Condition and |     |
|                    | Results                of Operations                                                                | 19       |
|                    |                                                                                                |     |
| Item                3.  | Quantitative                and Qualitative Disclosures About Market                Risk            | 32       |
|                    |                                                                                                |     |
| Item                4.  | Controls                and Procedures                                                              | 33       |
|                    |                                                                                                |     |
|                    |                                                                                                |     |
|                    | **PART                II – OTHER INFORMATION**                                                |     |
|                    |                                                                                                |     |
| Item                1.  | Legal                Proceedings                                                                    | 33       |
|                    |                                                                                                |     |
| Item                1A. | Risk                Factors                                                                         | 33       |
|                    |                                                                                                |     |
| Item                6.  | Exhibits                                                                                            | 33       |

----

**PART      I – FINANCIAL INFORMATION**

**Item      1. Financial Statements**

**OWENS      MORTGAGE INVESTMENT FUND,**

|                                                                                                                                                         |   |  **September                30****2007** |        | **December                31****2006** |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|-------------|----------------------------------------|--------|
| **ASSETS**                                                                                                                                                   |   |                                          |        |                                   |   |   |   |
| Cash                and cash equivalents                                                                                                                     |   | $                                             | 14,484,292  |                                   | $      | 23,283,770 |   |
| Restricted                cash                                                                                                                               |   |                                          | 1,000,000   |                                   |   | 1,000,000 |   |
| Loans                secured by trust deeds, net of allowance for losses of $4,591,000                in 2007                and $4,225,000 in 2006          |   |                                          | 241,045,521 |                                   |   | 245,918,631 |   |
| Interest                and other receivables                                                                                                                |   |                                          | 4,294,058   |                                   |   | 3,988,644 |   |
| Real                estate held for sale, net of allowance for losses of $0 in 2007 and                $405,388 in 2006                                      |   |                                          | 31,524,395  |                                   |   | 12,754,703 |   |
| Real                estate held for investment, net of accumulated depreciation and                amortization of $2,830,175 in 2007 and $2,345,871 in 2006 |   |                                          | 22,107,612  |                                   |   | 16,945,692 |   |
|                                                                                                                                                         |   | $                                             | 314,455,878 |                                   | $      | 303,891,440 |   |
|                                                                                                                                                         |   |                                          |        |                                   |   |   |   |
| **LIABILITIES                AND PARTNERS’ CAPITAL**                                                                                                   |   |                                          |        |                                   |   |   |   |
| LIABILITIES:                                                                                                                                                 |   |                                          |        |                                   |   |   |   |
| Accrued                distributions payable                                                                                                                 |   | $                                             | 596,680     |                                   | $      | 573,908 |   |
| Due                to general partner                                                                                                                        |   |                                          | 9,257       |                                   |   | 231,439 |   |
| Accounts                payable and accrued liabilities                                                                                                      |   |                                          | 938,852     |                                   |   | 726,525 |   |
| Deferred                gain on sale of real estate                                                                                                          |   |                                          | 908,397     |                                   |   | 914,905 |   |
| Note                payable                                                                                                                                  |   |                                          | 10,500,000  |                                   |   | 10,500,000 |   |
| Total                Liabilities                                                                                                                             |   |                                          | 12,953,186  |                                   |   | 12,946,777 |   |
|                                                                                                                                                         |   |                                          |        |                                   |   |   |   |
| Minority                interest                                                                                                                             |   |                                          | 114,831     |                                   |   | 140,385 |   |
|                                                                                                                                                         |   |                                          |        |                                   |   |   |   |
| PARTNERS’                CAPITAL (units subject to redemption):                                                                                        |   |                                          |        |                                   |   |   |   |
| General                partner                                                                                                                               |   |                                          | 2,961,375   |                                   |   | 2,866,930 |   |
| Limited                partners                                                                                                                              |   |                                          | 298,426,486 |                                   |   | 287,937,348 |   |
| Total                Partners’ Capital                                                                                                                 |   |                                          | 301,387,861 |                                   |   | 290,804,278 |   |
|                                                                                                                                                         |   | $                                             | 314,455,878 |                                   | $      | 303,891,440 |   |

----

**OWENS      MORTGAGE INVESTMENT FUND,**

|                                                                                                                 |   | **For                the Three Months Ended** |        | **For                the Nine Months Ended** |   |
|----------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|-------------|----------------------------------------------|--------|
|                                                                                                                 |   | **September                30,****2007**      |        | **September                30,****2006**     |   | **September                30,****2007** |   | **September                30,****2006** |   |
|                                                                                                                 |   |                                          |        |                                         |   |   |   |   |   |   |   |   |   |
| REVENUES:                                                                                                            |   |                                          |        |                                         |   |   |   |   |   |   |   |   |   |
| Interest                income on loans secured by trust deeds                                                       |   | $                                             | 6,350,225   |                                         | $      | 6,615,539 |   | $ | 19,502,138 |   | $ | 21,989,726 |   |
| Gain                on sale of real estate                                                                           |   |                                          | 803,541     |                                         |   | 301,889 |   |   | 991,249 |   |   | 378,848 |   |
| Rental                and other income from real estate properties                                                   |   |                                          | 1,071,203   |                                         |   | 862,772 |   |   | 2,809,069 |   |   | 2,669,298 |   |
| Other                income                                                                                          |   |                                          | 111,615     |                                         |   | 121,563 |   |   | 377,123 |   |   | 294,395 |   |
| Total                revenues                                                                                        |   |                                          | 8,336,584   |                                         |   | 7,901,763 |   |   | 23,679,579 |   |   | 25,332,267 |   |
|                                                                                                                 |   |                                          |        |                                         |   |   |   |   |   |   |   |   |   |
| EXPENSES:                                                                                                            |   |                                          |        |                                         |   |   |   |   |   |   |   |   |   |
| Management                fees to general partner                                                                    |   |                                          | 165,983     |                                         |   | 1,243,482 |   |   | 856,063 |   |   | 5,168,298 |   |
| Servicing                fees to general partner                                                                     |   |                                          | 163,441     |                                         |   | 165,621 |   |   | 529,139 |   |   | 517,889 |   |
| Carried                interest to general partner                                                                   |   |                                          | 46,452      |                                         |   | 2,068 |   |   | 46,452 |   |   | 6,484 |   |
| Administrative                                                                                                       |   |                                          | 12,000      |                                         |   | 12,000 |   |   | 36,000 |   |   | 36,000 |   |
| Legal                and accounting                                                                                  |   |                                          | 139,242     |                                         |   | 50,025 |   |   | 341,605 |   |   | 196,658 |   |
| Rental                and other expenses on real estate properties                                                   |   |                                          | 836,014     |                                         |   | 592,901 |   |   | 2,105,771 |   |   | 1,847,146 |   |
| Interest                expense                                                                                      |   |                                          | 156,961     |                                         |   | 194,561 |   |   | 1,294,460 |   |   | 1,325,022 |   |
| Minority                interest                                                                                     |   |                                          | 3,896       |                                         |   | 9,039 |   |   | 8,718 |   |   | 17,901 |   |
| Provision                for (reversal of) loan losses                                                               |   |                                          | (79,000     | )                                            |   | 75,000 |   |   | 1,744,515 |   |   | 75,000 |   |
| Recovery                of losses on real estate held for sale                                                       |   |                                          | —     |                                         |   | (43,059 | ) |   | (349,224 | ) |   | (43,059 | ) |
| Other                                                                                                                |   |                                          | 19,659      |                                         |   | 5,768 |   |   | 47,532 |   |   | 40,758 |   |
| Total                expenses                                                                                        |   |                                          | 1,464,648   |                                         |   | 2,307,406 |   |   | 6,661,028 |   |   | 9,188,097 |   |
|                                                                                                                 |   |                                          |        |                                         |   |   |   |   |   |   |   |   |   |
| Net                income from continuing operations                                                                 |   | $                                             | 6,871,936   |                                         | $      | 5,594,357 |   | $ | 17,018,551 |   | $ | 16,144,170 |   |
|                                                                                                                 |   |                                          |        |                                         |   |   |   |   |   |   |   |   |   |
| Net                loss from discontinued operations                                                                 |   |                                          | —     |                                         |   | (22,542 | ) |   | — |   |   | (238,908 | ) |
|                                                                                                                 |   |                                          |        |                                         |   |   |   |   |   |   |   |   |   |
| Net                income                                                                                            |   | $                                             | 6,871,936   |                                         | $      | 5,571,815 |   | $ | 17,018,551 |   | $ | 15,905,262 |   |
|                                                                                                                 |   |                                          |        |                                         |   |   |   |   |   |   |   |   |   |
| Net                income allocated to general partner                                                               |   | $                                             | 67,523      |                                         | $      | 55,187 |   | $ | 168,165 |   | $ | 157,522 |   |
|                                                                                                                 |   |                                          |        |                                         |   |   |   |   |   |   |   |   |   |
| Net                income allocated to limited partners                                                              |   | $                                             | 6,804,413   |                                         | $      | 5,516,628 |   | $ | 16,850,386 |   | $ | 15,747,740 |   |
|                                                                                                                 |   |                                          |        |                                         |   |   |   |   |   |   |   |   |   |
| Net                income allocated to limited partners per weighted average limited                partnership unit |   | $                                             | .02         |                                         | $      | .02 |   | $ | .06 |   | $ | .05 |   |
|                                                                                                                 |   |                                          |        |                                         |   |   |   |   |   |   |   |   |   |
| Weighted                average limited partnership units                                                            |   |                                          | 296,528,000 |                                         |   | 286,936,000 |   |   | 290,624,000 |   |   | 286,691,000 |   |

----

**OWENS      MORTGAGE INVESTMENT FUND,**

|                                                                                                            |   | **September                30** |         | **September                30** |   |
|-----------------------------------------------------------------------------------------------------------------|--------|---------------------------------|--------------|---------------------------------|--------|
|                                                                                                            |   | **2007**                        |         | **2006**                        |   |
| CASH                FLOWS FROM OPERATING ACTIVITIES:                                                            |   |                            |         |                            |   |   |   |
| Net                Income                                                                                       |   | $                               | 17,018,551   |                            | $      | 15,905,262 |   |
| Adjustments                to reconcile net income to net cash provided by operating                activities: |   |                            |         |                            |   |   |   |
| Gain                on sale of real estate properties                                                           |   |                            | (991,249     | )                               |   | (378,848 | ) |
| Gain                on sale of discontinued operation                                                           |   |                            | —      |                            |   | (4,048 | ) |
| Provision                for loan losses                                                                        |   |                            | 1,744,515    |                            |   | 75,000 |   |
| Recovery                of losses on real estate held for sale                                                  |   |                            | (349,224     | )                               |   | (43,059 | ) |
| Depreciation                and amortization                                                                    |   |                            | 513,289      |                            |   | 525,371 |   |
| Changes                in operating assets and liabilities:                                                     |   |                            |         |                            |   |   |   |
| Interest                and other receivables                                                                   |   |                            | (1,225,660   | )                               |   | (820,860 | ) |
| Accounts                payable and accrued liabilities                                                         |   |                            | 212,327      |                            |   | (181,991 | ) |
| Due                to general partner                                                                           |   |                            | (222,182     | )                               |   | 730,841 |   |
| Interest                payable to general partner                                                              |   |                            | —      |                            |   | 27,223 |   |
| Net                cash provided by operating activities                                                        |   |                            | 16,700,367   |                            |   | 15,834,891 |   |
|                                                                                                            |   |                            |         |                            |   |   |   |
| CASH                FLOWS FROM INVESTING ACTIVITIES:                                                            |   |                            |         |                            |   |   |   |
| Investment                in loans secured by trust deeds                                                       |   |                            | (126,668,426 | )                               |   | (126,851,049 | ) |
| Principal                collected on loans                                                                     |   |                            | 92,625,277   |                            |   | 127,098,573 |   |
| Sales                of loans to third parties                                                                  |   |                            | 12,348,525   |                            |   | 23,000,000 |   |
| Investment                in real estate properties                                                             |   |                            | (524,357     | )                               |   | (862,310 | ) |
| Net                proceeds from disposition of real estate properties                                          |   |                            | 3,156,886    |                            |   | 1,705,571 |   |
| Minority                interest in limited liability companies                                                 |   |                            | (25,554      | )                               |   | (10,099 | ) |
| Net                cash (used in) provided by investing activities                                              |   |                            | (19,087,649  | )                               |   | 24,080,686 |   |
|                                                                                                            |   |                            |         |                            |   |   |   |
| CASH                FLOWS FROM FINANCING ACTIVITIES:                                                            |   |                            |         |                            |   |   |   |
| Proceeds                from sale of partnership units                                                          |   |                            | 10,889,750   |                            |   | 133,968 |   |
| Net                repayments on line of credit                                                                 |   |                            | —      |                            |   | (16,300,000 | ) |
| Partners’                cash distributions                                                               |   |                            | (5,163,895   | )                               |   | (4,971,407 | ) |
| Partners’                capital withdrawals                                                              |   |                            | (12,138,051  | )                               |   | (9,665,171 | ) |
| Net                cash used in financing activities                                                            |   |                            | (6,412,196   | )                               |   | (30,802,610 | ) |
|                                                                                                            |   |                            |         |                            |   |   |   |
| Net                (decrease) increase in cash and cash equivalents                                             |   |                            | (8,799,478   | )                               |   | 9,112,967 |   |
|                                                                                                            |   |                            |         |                            |   |   |   |
| Cash                and cash equivalents at beginning of period                                                 |   |                            | 23,283,770   |                            |   | 6,139,028 |   |
|                                                                                                            |   |                            |         |                            |   |   |   |
| Cash                and cash equivalents at end of period                                                       |   | $                               | 14,484,292   |                            | $      | 15,251,995 |   |
|                                                                                                            |   |                            |         |                            |   |   |   |
| Supplemental                Disclosures of Cash Flow Information                                                |   |                            |         |                            |   |   |   |
| Cash                paid during the period for interest                                                         |   | $                               | 1,307,563    |                            | $      | 1,273,948 |   |

----

**OWENS            MORTGAGE INVESTMENT            FUND,**

**NOTE      1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

|   | ***Basis                of Presentation*** |
|--------|--------------------------------------------|

***Management      Estimates***

**Income      Taxes**

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**OWENS            MORTGAGE INVESTMENT            FUND,**

**NOTE      2 - LOANS SECURED BY TRUST DEEDS AND ALLOWANCE FOR LOAN      LOSSES**

|                                           |   | **2007** |        |   | **2006** |   |
|------------------------------------------------|--------|----------|-------------|--------|----------|--------|
| By                Property Type:               |   |     |        |   |     |   |
| Commercial                                     |   | $        | 137,345,590 |   |     | $      | 112,355,502 |   |
| Condominiums                                   |   |     | 76,852,871  |   |     |   | 61,110,134 |   |
| Apartments                                     |   |     | 5,273,893   |   |     |   | 11,416,257 |   |
| Single                family homes (1-4 Units) |   |     | 1,021,649   |   |     |   | 650,000 |   |
| Improved                and unimproved land    |   |     | 25,142,518  |   |     |   | 64,611,738 |   |
|                                           |   |     |        |   |     |   |   |   |
|                                           |   | $        | 245,636,521 |   |     | $      | 250,143,631 |   |
|                                           |   |     |        |   |     |   |   |   |
| By                Deed Order:                  |   |     |        |   |     |   |   |   |
| First                mortgages                 |   | $        | 233,918,755 |   |     | $      | 231,040,770 |   |
| Second                mortgages                |   |     | 11,717,766  |   |     |   | 19,102,861 |   |
|                                           |   |     |        |   |     |   |   |   |
|                                           |   | $        | 245,636,521 |   |     | $      | 250,143,631 |   |

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**OWENS            MORTGAGE INVESTMENT            FUND,**

|                                     |   | **Fixed****Interest****Rate** |        |   | **Variable****Interest****Rate** |   |       | **Total** |   |
|------------------------------------------|--------|-------------------------------|-------------|--------|----------------------------------|--------|------------|-----------|--------|
|                                     |   |                          |        |   |                             |   |       |      |   |   |   |   |
| Year                ending September 30: |   |                          |        |   |                             |   |       |      |   |   |   |   |
| 2007                (past maturity)      |   | $                             | 53,098,464  |   |                             | $      | 1,600,000  |      |   | $ | 54,698,464 |   |
| 2008                                     |   |                          | 139,423,342 |   |                             |   | —    |      |   |   | 139,423,342 |   |
| 2009                                     |   |                          | 22,630,093  |   |                             |   | —    |      |   |   | 22,630,093 |   |
| 2010                                     |   |                          | 6,083,182   |   |                             |   | 57,641     |      |   |   | 6,140,823 |   |
| 2011                                     |   |                          | —     |   |                             |   | —    |      |   |   | — |   |
| 2012                                     |   |                          | —     |   |                             |   | —    |      |   |   | — |   |
| Thereafter                (through 2016) |   |                          | 814,587     |   |                             |   | 21,929,212 |      |   |   | 22,743,799 |   |
|                                     |   |                          |        |   |                             |   |       |      |   |   |   |   |
|                                     |   | $                             | 222,049,668 |   |                             | $      | 23,586,853 |      |   | $ | 245,636,521 |   |

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**OWENS            MORTGAGE INVESTMENT            FUND,**

|                    |   | **September                30, 2007****Balance** |        | **Portfolio****Percentage** |    | **December                31, 2006****Balance** |   | **Portfolio****Percentage** |   |
|-------------------------|--------|--------------------------------------------------|-------------|-----------------------------|---------|-------------------------------------------------|--------|-----------------------------|--------|
|                    |   |                                             |        |                        |    |                                            |   |                        |   |   |   |
| Arizona                 |   | $                                                | 12,537,138  |                        | 5.10%   |                                            | $      | 29,382,542                  |   | 11.75% |   |
| California              |   |                                             | 144,023,906 |                        | 58.63%  |                                            |   | 141,737,933                 |   | 56.66% |   |
| Colorado                |   |                                             | 14,000,000  |                        | 5.70%   |                                            |   | 14,000,000                  |   | 5.60% |   |
| Florida                 |   |                                             | 23,482,581  |                        | 9.56%   |                                            |   | —                     |   | —% |   |
| Hawaii                  |   |                                             | 1,300,000   |                        | 0.53%   |                                            |   | 1,300,000                   |   | 0.52% |   |
| Idaho                   |   |                                             | 3,488,667   |                        | 1.42%   |                                            |   | 3,245,264                   |   | 1.30% |   |
| Nevada                  |   |                                             | 1,653,209   |                        | 0.67%   |                                            |   | 19,534,922                  |   | 7.81% |   |
| New                York |   |                                             | 9,420,000   |                        | 3.84%   |                                            |   | —                     |   | —% |   |
| Oregon                  |   |                                             | 88,047      |                        | 0.04%   |                                            |   | —                     |   | —% |   |
| Pennsylvania            |   |                                             | 1,650,071   |                        | 0.67%   |                                            |   | —                     |   | —% |   |
| Tennessee               |   |                                             | 9,716,101   |                        | 3.96%   |                                            |   | 7,769,947                   |   | 3.11% |   |
| Texas                   |   |                                             | 2,635,000   |                        | 1.07%   |                                            |   | 2,635,000                   |   | 1.05% |   |
| Utah                    |   |                                             | 4,588,893   |                        | 1.87%   |                                            |   | 13,516,257                  |   | 5.40% |   |
| Virginia                |   |                                             | 2,230,000   |                        | 0.91%   |                                            |   | 2,230,000                   |   | 0.89% |   |
| Washington              |   |                                             | 14,822,908  |                        | 6.03%   |                                            |   | 14,791,766                  |   | 5.91% |   |
|                    |   |                                             |        |                        |    |                                            |   |                        |   |   |   |
|                    |   | $                                                | 245,636,521 |                        | 100.00% |                                            | $      | 250,143,631                 |   | 100.00% |   |

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**OWENS            MORTGAGE INVESTMENT            FUND,**

|   | In                August 2007, the Partnership foreclosed on a $3,268,000 first mortgage                loan secured by a mixed-use retail building in the process of                rehabilitation located in Sacramento, California and unimproved land                located in Marysville, California and obtained the properties via                the                trustee’s sale. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**OWENS            MORTGAGE INVESTMENT            FUND,**

|                                        |   | **Three                Months Ended September 30,** |      | **Nine                Months Ended September 30,** |   |
|---------------------------------------------|--------|-----------------------------------------------------|-----------|----------------------------------------------------|--------|
|                                        |   | **2007**                                            |      | **2006**                                           |   | **2007** |   | **2006** |   |
| Balance,                beginning of period |   | $                                                   | 4,670,000 |                                               | $      | 4,150,000 |   | $ | 4,225,000 |   | $ | 4,150,000 |   |
| Provision                (reversal)         |   |                                                | (79,000   | )                                                  |   | 75,000 |   |   | 1,744,515 |   |   | 75,000 |   |
| Recovery                of bad debts        |   |                                                | —   |                                               |   | — |   |   | — |   |   | — |   |
| Charge-off                                  |   |                                                | —   |                                               |   | — |   |   | (1,378,515 | ) |   | — |   |
| Balance,                end of period       |   | $                                                   | 4,591,000 |                                               | $      | 4,225,000 |   | $ | 4,591,000 |   | $ | 4,225,000 |   |

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**OWENS            MORTGAGE INVESTMENT            FUND,**

**NOTE      3 - REAL ESTATE HELD FOR SALE**

|                                                                                                                                                                               |   | **2007** |       | **2006** |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|------------|----------|--------|
| Manufactured                home subdivision development,  Ione, California (15 and 17 lots,                respectively)                                                |   | $        | 843,642    |     | $      | 869,450 |   |
| Undeveloped                industrial land, Gresham, Oregon, net of valuation allowance of $250,000                in 2006                                                         |   |     | —    |     |   | 1,374,048 |   |
| Undeveloped                industrial land, San Jose, California                                                                                                                   |   |     | 3,025,992  |     |   | 3,025,992 |   |
| Industrial                land and buildings, Santa Clara, California                                                                                                              |   |     | 4,258,407  |     |   | 4,258,407 |   |
| Three                condominium units, Lincoln City, Oregon, net of valuation allowance                of                $155,388 in 2006 (held within Oregon Leisure Homes, LLC) |   |     | —    |     |   | 415,338 |   |
| Manufactured                home subdivision development, Lake Charles, Louisiana (held within                Dation,                LLC)                                          |   |     | 2,847,974  |     |   | 2,811,468 |   |
| Mixed-use                retail building, Sacramento, California                                                                                                                   |   |     | 2,850,000  |     |   | — |   |
| Unimproved                residential land, Marysville, California                                                                                                                 |   |     | 594,610    |     |   | — |   |
| Golf                course, Auburn, California (held within DarkHorse Golf Club,                LLC)                                                                               |   |     | 3,340,000  |     |   | — |   |
| 75                improved residential lots, Auburn, California                                                                                                                    |   |     | 13,763,770 |     |   | — |   |
|                                                                                                                                                                               |   | $        | 31,524,395 |     | $      | 12,754,703 |   |

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**OWENS            MORTGAGE INVESTMENT            FUND,**

|                                        |   | **Three                Months Ended September 30,** |    | **Nine                Months Ended September 30,** |   |
|---------------------------------------------|--------|-----------------------------------------------------|---------|----------------------------------------------------|--------|
|                                        |   | **2007**                                            |    | **2006**                                           |   | **2007** |   | **2006** |   |
| Balance,                beginning of period |   | $                                                   | — |                                               | $      | 660,000 |   | $ | 405,388 |   | $ | 660,000 |   |
| Provision                                   |   |                                                | — |                                               |   | — |   |   | — |   |   | — |   |
| Recovery                of losses           |   |                                                | — |                                               |   | (254,612 | ) |   | (405,388 | ) |   | (254,612 | ) |
| Charge-off                                  |   |                                                | — |                                               |   | — |   |   | — |   |   | — |   |
| Balance,                end of period       |   | $                                                   | — |                                               | $      | 405,388 |   | $ | — |   | $ | 405,388 |   |

*Oregon      Leisure Homes, LLC*

*Dation,      LLC*

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**OWENS            MORTGAGE INVESTMENT            FUND,**

*DarkHorse      Golf Club, LLC*

**NOTE      4 - REAL ESTATE HELD FOR INVESTMENT**

|                                                           |   | **2007** |       |   | **2006** |   |
|----------------------------------------------------------------|--------|----------|------------|--------|----------|--------|
| Land                                                           |   | $        | 9,799,063  |   |     | $      | 4,349,063 |   |
| Buildings                                                      |   |     | 10,134,266 |   |     |   | 10,108,411 |   |
| Improvements                                                   |   |     | 4,269,218  |   |     |   | 4,134,381 |   |
| Other                                                          |   |     | 735,240    |   |     |   | 699,708 |   |
|                                                           |   |     | 24,937,787 |   |     |   | 19,291,563 |   |
| Less:                Accumulated depreciation and amortization |   |     | (2,830,175 | )      |     |   | (2,345,871 | ) |
|                                                           |   | $        | 22,107,612 |   |     | $      | 16,945,692 |   |

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**OWENS            MORTGAGE INVESTMENT            FUND,**

*Bayview      Gardens, LLC*

*720      University, LLC*

**NOTE      5 - TRANSACTIONS WITH AFFILIATES**

|   | In                consideration of the management services rendered to the Partnership,                Owens Financial Group, Inc. (“OFG”), the General Partner, is entitled to                receive from the Partnership a management fee payable monthly, subject                to                a maximum of 2.75% per annum of the average unpaid balance of the                Partnership’s mortgage loans. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

** **

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**OWENS            MORTGAGE INVESTMENT            FUND,**

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**OWENS            MORTGAGE INVESTMENT            FUND,**

**NOTE      6 - NOTE PAYABLE**

**NOTE      7 - LINE OF CREDIT PAYABLE**

**NOTE      8 – PARTNERS’ CAPITAL**

|                                         |   | **General** |      | **Limited                partners** |   | **Total****Partners’** |   |
|----------------------------------------------|--------|-------------|-----------|-------------------------------------|--------|------------------------------|--------|
|                                         |   | **partner** |      | **Units**                           |   | **Amount**                   |   | **capital** |   |
|                                         |   |        |      |                                |   |                         |   |   |   |   |   |   |   |
| Balances,                December 31, 2006   |   | $           | 2,866,930 |                                |   | 288,133,368                  |   | $ | 287,937,348 |   | $ | 290,804,278 |   |
|                                         |   |        |      |                                |   |                         |   |   |   |   |   |   |   |
| Net                income                    |   |        | 168,165   |                                |   | 16,850,386                   |   |   | 16,850,386 |   |   | 17,018,551 |   |
| Sale                of partnership units     |   |        | 92,904    |                                |   | 10,796,846                   |   |   | 10,796,846 |   |   | 10,889,750 |   |
| Partners’                withdrawals   |   |        | —   |                                |   | (12,138,051                  | )      |   | (12,138,051 | ) |   | (12,138,051 | ) |
| Partners’                distributions |   |        | (166,624  | )                                   |   | (5,020,043                   | )      |   | (5,020,043 | ) |   | (5,186,667 | ) |
|                                         |   |        |      |                                |   |                         |   |   |   |   |   |   |   |
| Balances,                September 30, 2007  |   | $           | 2,961,375 |                                |   | 298,622,506                  |   | $ | 298,426,486 |   | $ | 301,387,861 |   |

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**OWENS            MORTGAGE INVESTMENT            FUND,**

**NOTE      9 - COMMITMENTS AND CONTINGENCIES**

**Construction/Rehabilitation      Loans**

**Legal      Proceedings**

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**PART      I – Item 2.**

**MANAGEMENT’S      DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND      RESULTS OF OPERATIONS**

**Forward      Looking Statements**

**Critical      Accounting Policies**

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**Related      Parties**

| · | ***Management                Fees*** - In consideration of the management services rendered                to the Partnership, the General Partner is entitled to receive from                the                Partnership a management fee payable monthly, subject to a maximum                of                2.75% per annum of the average unpaid balance of the Partnership’s                mortgage loans at the end of each month in the calendar year. Management                fees                amounted to approximately $166,000 and $1,243,000 for the three months                ended September 30, 2007 and 2006,                respectively. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | ***Servicing                Fees***– All of the Partnership’s loans are serviced by the                General Partner, in consideration for which the General Partner is                entitled to receive from the Partnership a monthly fee, which, when                added                to all other fees paid in connection with the servicing of a particular                loan, does not exceed the lesser of the customary, competitive fee                in the                community where the loan is placed or up to 0.25% per annum of the                unpaid                principal balance of the loans at the end of each month. Service fees                amounted to approximately $163,000 and $166,000 for the three months                ended                September 30, 2007 and 2006,                respectively. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | ***Acquisition                and Origination Fees***– The General Partner is entitled to                receive and retain all acquisition and origination fees paid or payable                by                borrowers for services rendered in connection with the evaluation                and                consideration of potential investments of the Partnership (including                any                selection fee, mortgage placement fee, nonrecurring management fee,                and                any origination fee, loan fee, or points paid by borrowers). The acquisition                and                origination fees are paid by borrowers, and thus, are not an expense                of                the Partnership. Such fees earned by OFG amounted to approximately                $1,451,000 and $756,000 on loans originated of approximately $36,885,000                and $24,480,000 for the three months ended September 30, 2007 and                2006,                respectively. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | ***Late                Payment Charges –*** The General Partner is entitled to receive                all late payment charges by borrowers on delinquent loans held by                the                Partnership (including additional interest and late payment                fees).  The late                payment                charges are paid by borrowers and collected by the Partnership with                regular monthly loan payments or at the time                of loan payoff.  These are recorded as a liability (Due to                General Partner) when collected and are not recognized as an expense                of                the Partnership. The amounts paid to or collected by OFG for such                charges                totaled approximately $153,000 and $659,000 for the three months                ended                September 30, 2007 and 2006,                respectively. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | · | ***Other                Miscellaneous Fees*** - The Partnership remits other                miscellaneous fees to the General Partner, which are collected from                loan                payments, loan payoffs or advances from loan principal (i.e. funding,                demand and partial release fees). Such fees remitted to OFG totaled                approximately $15,000 and $23,000 for the three months ended September                30,                2007 and 2006, respectively. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | ***Partnership                Expenses***– The General Partner is entitled to be reimbursed                by the Partnership for the actual cost of goods and materials used                for or                by the Partnership and obtained from unaffiliated entities and the                actual                cost of services of non-management and non-supervisory personnel                related                to the administration of the Partnership (subject to certain limitations                in the Partnership Agreement).  The amounts                reimbursed                to the General Partner by the Partnership were approximately $12,000                and                $12,000 during the three months ended September 30, 2007 and 2006,                respectively. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | ***Carried                Interest and Contributed Capital –*** The General Partner is                required to contribute capital to the Partnership in the amount of                0.5% of                the limited partners’ aggregate capital accounts and, together with its                carried interest; the General Partner has an interest equal to 1%                of the                limited partners’ capital accounts. This carried interest of the General                Partner of up to 1/2 of 1% is recorded as an expense of the Partnership                and credited as a contribution to the General Partner’s capital account as                additional compensation. As of September 30, 2007, the General Partner                has                made cash capital contributions of $1,491,000 to the Partnership.                The                General Partner is required to continue cash capital contributions                to the                Partnership in order to maintain its required capital                balance.** **The carried interest expense charged to the                Partnership was $46,000 and $2,000 for the three months ended September                30, 2007 and 2006, respectively. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Results      of Operations**

***Overview***

|   | · | the                amount of cash available to invest in mortgage                loans; |
|--------|--------|-----------------------------------------------------------------------------------------|

|   | · | the                level of real estate lending activity in the markets                serviced; |
|--------|--------|--------------------------------------------------------------------------------------------------|

|   | · | the                ability to identify and lend to suitable                borrowers; |
|--------|--------|---------------------------------------------------------------------------------------|

|   | · | the                interest rates the Partnership is able to charge on                loans; |
|--------|--------|----------------------------------------------------------------------------------------------|

|   | · | the                level of delinquencies on mortgage                loans; |
|--------|--------|-----------------------------------------------------------------------------|

|   | · | the                level of foreclosures and related loan and real estate losses experienced;                and |
|--------|--------|------------------------------------------------------------------------------------------------------------------|

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|   | · | the                income or losses from foreclosed properties prior to the time of                disposal. |
|--------|--------|--------------------------------------------------------------------------------------------------------------|

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***Summary      of Financial Results***

|                                                                                                                 |   | **Three                Months Ended September 30,** |        | **Nine                Months Ended September 30,** |   |
|----------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------|-------------|----------------------------------------------------|--------|
|                                                                                                                 |   | **2007**                                            |        | **2006**                                           |   | **2007** |   | **2006** |   |
|                                                                                                                 |   |                                                |        |                                               |   |   |   |   |   |   |   |   |   |
| Total                revenues                                                                                        |   | $                                                   | 8,336,584   |                                               | $      | 7,901,763 |   | $ | 23,679,579 |   | $ | 25,332,267 |   |
| Total                expenses                                                                                        |   |                                                | 1,464,648   |                                               |   | 2,307,406 |   |   | 6,661,028 |   |   | 9,188,097 |   |
|                                                                                                                 |   |                                                |        |                                               |   |   |   |   |   |   |   |   |   |
| Net                income from continuing operations                                                                 |   | $                                                   | 6,871,936   |                                               | $      | 5,594,357 |   | $ | 17,018,551 |   | $ | 16,144,170 |   |
|                                                                                                                 |   |                                                |        |                                               |   |   |   |   |   |   |   |   |   |
| Net                loss from discontinued operations                                                                 |   |                                                | —     |                                               |   | (22,542 | ) |   | — |   |   | (238,908 | ) |
|                                                                                                                 |   |                                                |        |                                               |   |   |   |   |   |   |   |   |   |
| Net                income                                                                                            |   | $                                                   | 6,871,936   |                                               | $      | 5,571,815 |   | $ | 17,018,551 |   | $ | 15,905,262 |   |
|                                                                                                                 |   |                                                |        |                                               |   |   |   |   |   |   |   |   |   |
| Net                income allocated to limited partners                                                              |   | $                                                   | 6,804,413   |                                               | $      | 5,516,628 |   | $ | 16,850,386 |   | $ | 15,747,740 |   |
|                                                                                                                 |   |                                                |        |                                               |   |   |   |   |   |   |   |   |   |
| Net                income allocated to limited partners per weighted average limited                partnership unit |   | $                                                   | .02         |                                               | $      | .02 |   | $ | .06 |   | $ | .05 |   |
|                                                                                                                 |   |                                                |        |                                               |   |   |   |   |   |   |   |   |   |
| Annualized                rate of return to limitedpartners                (1)                                       |   |                                                | 9.2         | %                                                  |   | 7.7 | % |   | 7.7 | % |   | 7.3 | % |
|                                                                                                                 |   |                                                |        |                                               |   |   |   |   |   |   |   |   |   |
| Distribution                per partnership unit (yield) (2)                                                         |   |                                                | 7.6         | %                                                  |   | 7.6 | % |   | 7.7 | % |   | 7.5 | % |
|                                                                                                                 |   |                                                |        |                                               |   |   |   |   |   |   |   |   |   |
| Weighted                average limited partnership units                                                            |   |                                                | 296,528,000 |                                               |   | 286,936,000 |   |   | 290,624,000 |   |   | 286,691,000 |   |

| (1) | The                annualized rate of return to limited partners is calculated based                upon the                net income allocated to limited partners per weighted average limited                partnership unit as of September 30, 2007 and 2006 divided by the                number                of months during the period and multiplied by twelve                (12) months. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Distribution                per partnership unit (yield) is the annualized average of the monthly                yield paid to the partners for the periods indicated. The monthly                yield is                calculated by dividing the total monthly cash distribution to partners                by                the prior month’s ending partners’ capital                balance. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

***Three      and Nine Months Ended September 30, 2007 Compared to Three and Nine Months      Ended      September 30, 2006***

*Total      Revenues*

----

*Total      Expenses*

----

*Net      Income from Rental and Other Real Estate Properties*

*Net      Loss from Discontinued Operations*

**Financial      Condition**

***September      30, 2007 and December 31, 2006***

**Loan      Portfolio**

----

|                                           |   | **2007** |        |   | **2006** |   |
|------------------------------------------------|--------|----------|-------------|--------|----------|--------|
| By                Property Type:               |   |     |        |   |     |   |
| Commercial                                     |   | $        | 137,345,590 |   |     | $      | 112,355,502 |   |
| Condominiums                                   |   |     | 76,852,871  |   |     |   | 61,110,134 |   |
| Apartments                                     |   |     | 5,273,893   |   |     |   | 11,416,257 |   |
| Single                family homes (1-4 units) |   |     | 1,021,649   |   |     |   | 650,000 |   |
| Improved                and unimproved land    |   |     | 25,142,518  |   |     |   | 64,611,738 |   |
|                                           |   |     |        |   |     |   |   |   |
|                                           |   | $        | 245,636,521 |   |     | $      | 250,143,631 |   |
|                                           |   |     |        |   |     |   |   |   |
| By                Deed Order:                  |   |     |        |   |     |   |   |   |
| First                mortgages                 |   | $        | 233,918,755 |   |     | $      | 231,040,770 |   |
| Second                mortgages                |   |     | 11,717,766  |   |     |   | 19,102,861 |   |
|                                           |   |     |        |   |     |   |   |   |
|                                           |   | $        | 245,636,521 |   |     | $      | 250,143,631 |   |

|   | Changes                in the allowance for loan losses for the nine months ended September                30,                2007 and 2006 were as follows: |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                        |   | **2007** |       | **2006** |   |
|---------------------------------------------|--------|----------|------------|----------|--------|
| Balance,                beginning of period |   | $        | 4,225,000  |     | $      | 4,150,000 |   |
| Provision                                   |   |     | 1,744,515  |     |   | 75,000 |   |
| Recovery                of bad debts        |   |     | —    |     |   | — |   |
| Charge-off                                  |   |     | (1,378,515 | )        |   | — |   |
| Balance,                end of period       |   | $        | 4,591,000  |     | $      | 4,225,000 |   |

**Real      Estate Properties Held for Sale and Investment**

----

|                                                           |   | **2007** |       | **2006** |   |
|----------------------------------------------------------------|--------|----------|------------|----------|--------|
| Balance,                beginning of period                    |   | $        | 29,700,395 |     | $      | 36,393,212 |   |
| Real                estate acquired through foreclosure        |   |     | 25,743,465 |     |   | — |   |
| Investment                in real estate properties            |   |     | 524,357    |     |   | 862,310 |   |
| Sales                of real estate properties                 |   |     | (2,172,145 | )        |   | (6,740,968 | ) |
| Recovery                of losses on real estate held for sale |   |     | 349,224    |     |   | 43,059 |   |
| Depreciation                and amortization                   |   |     | (513,289   | )        |   | (525,371 | ) |
| Balance,                end of period                          |   | $        | 53,632,007 |     | $      | 30,032,242 |   |

----

|                                        |   | **2007** |     | **2006** |   |
|---------------------------------------------|--------|----------|----------|----------|--------|
| Balance,                beginning of period |   | $        | 405,388  |     | $      | 660,000 |   |
| Provision                                   |   |     | —  |     |   | — |   |
| Recovery                of losses           |   |     | (405,388 | )        |   | (254,612 | ) |
| Balance,                end of period       |   | $        | —  |     | $      | 405,388 |   |

**Cash      and Cash Equivalents**

**Interest      and Other Receivables**

**Due      to General Partner**

**Accounts      Payable and Accrued Liabilities**

**Asset      Quality**

----

| · | prevailing                economic conditions; |
|--------|------------------------------------------------|

| · | the                Partnership’s historical loss                experience; |
|--------|-----------------------------------------------------------------------------------|

| · | the                types and dollar amounts of loans in the                portfolio; |
|--------|---------------------------------------------------------------------------------------|

| · | borrowers’                financial condition and adverse situations that may affect the borrowers’                ability to pay; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

| · | evaluation                of industry trends; |
|--------|-----------------------------------------------|

| · | review                and evaluation of loans identified as having loss potential;                and |
|--------|-------------------------------------------------------------------------------------------------------|

| · | estimated                net realizable value or fair value of the underlying                collateral. |
|--------|----------------------------------------------------------------------------------------------------------|

----

**Liquidity      and Capital Resources**

| · | No                withdrawal of Units can be requested or made until at least one year                from                the date of purchase of those Units, other than Units received under                the                Partnership’s Reinvested Distribution                Plan. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Any                such payments are required to be made only from net proceeds and                capital                contributions (as defined) during said 91-day                period. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | A                maximum of $100,000 per partner may be withdrawn during any calendar                quarter. |
|--------|---------------------------------------------------------------------------------------------------------------|

| · | The                General Partner is not required to establish a reserve fund for the                purpose of funding such payments. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

| · | No                more than 10% of the total outstanding limited partnership interests                may                be withdrawn during any calendar year except upon a plan of dissolution                of                the Partnership. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**Contingency      Reserves**

----

**PART      I - Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES      ABOUT MARKET RISK**

**Interest      Earning Assets and Interest Bearing Liabilities**

**Aggregated      by Maturity Date**

**Twelve      Months Ended September 30,**

|                                               | **2008** | **2009**     | **2010** | **2011**    | **2012** | **Thereafter** | **Total** |
|----------------------------------------------------|----------|--------------|----------|-------------|----------|----------------|-----------|
| ***Interest                earning assets:***      |     |         |     |        |     |           |      |   |   |   |   |   |   |   |
| Money                market accounts               |     | $13,932,769  |     | —     |     | —        |      | — |   | — |   | — |   | $13,932,769 |
| Average                interest rate               |     | 4.5%         |     | —     |     | —        |      | — |   | — |   | — |   | 4.5% |
| Loans                secured by trust deeds        |     | $194,121,806 |     | $22,630,093 |     | $6,140,823     |      | — |   | — |   | $22,743,799 |   | $245,636,521 |
| Average                interest rate               |     | 10.6%        |     | 10.6%       |     | 11.7%          |      | — |   | — |   | 10.1% |   | 10.6% |
|                                               |     |         |     |        |     |           |      |   |   |   |   |   |   |   |
| ***Interest                bearing liabilities:*** |     |         |     |        |     |           |      |   |   |   |   |   |   |   |
| Note                payable to bank                |     | —      |     | —     |     | $75,515        |      | $156,883 |   | $165,024 |   | $10,102,578 |   | $10,500,000 |
| Average                interest rate               |     | —      |     | —     |     | 5.1%           |      | 5.1% |   | 5.1% |   | 5.1% |   | 5.1% |
| Line                of credit payable              |     | —      |     | —     |     | —        |      | — |   | — |   | — |   | — |
| Average                interest rate               |     | —      |     | —     |     | —        |      | — |   | — |   | — |   | — |

***Market      Risk***

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**PART      I - Item 4. CONTROLS AND      PROCEDURES**

**PART      II. OTHER INFORMATION**

**Item      1. Legal Proceedings**

**Item      1A. Risk Factors**

**Item      6. Exhibits**

|   | 31.1Section                302 Certification of William C.                Owens |
|--------|---------------------------------------------------------------------------------|

|   | 31.2Section                302 Certification of Bryan H.                Draper |
|--------|--------------------------------------------------------------------------------|

|   | 32Certifications                Pursuant to U.S.C. 18 Section 1350 |
|--------|--------------------------------------------------------------------|

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| Dated:                      November                14, 2007 |   | **OWENS                MORTGAGE INVESTMENT FUND,****a                California Limited Partnership** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                       |   |                                                                                                  |
|                                                                                                                                                                       |   | **By:**                                                                                               | **OWENS                FINANCIAL GROUP, INC., GENERAL PARTNER** |
|                                                                                                                                                                       |   |                                                                                                  |   |
| Dated:                      November                14, 2007 |   | By:                                                                                              |  /s/                William C. Owens |
|                                                                                                                                                                       |   |                                                                                                  | William                C. Owens, President |
|                                                                                                                                                                       |   |                                                                                                  |   |
| Dated:                      November                14, 2007 |   | By:                                                                                              |  /s/                Bryan H. Draper |
|                                                                                                                                                                       |   |                                                                                                  | Bryan                H. Draper, Chief Financial Officer |
|                                                                                                                                                                       |   |                                                                                                  |   |
| Dated:                      November                14, 2007 |   | By:                                                                                              |  /s/                Melina A. Platt |
|                                                                                                                                                                       |   |                                                                                                  | Melina                A. Platt, Controller |

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