EXHIBIT 31

CHIEF EXECUTIVE
OFFICER CERTIFICATION

I, William C. Owens,  President and
Chief  Executive  Officer of Owens  Financial  Group,  Inc.,  General  Partner, certify
that:

|1. | I
have  reviewed  this  quarterly  report on Form 10-Q of Owens  Mortgage  Investment
 Fund,  a California      Limited Partnership (the  Registrant );
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------

|2. | Based
on my knowledge,  this quarterly  report does not contain any untrue statement of a
material fact or      omit to state a material  fact  necessary to make the  statements
 made, in light of the  circumstances  under      which such statements were made, not
misleading with respect to the period covered by this quarterly report;
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3. | Based
on my  knowledge,  the  financial  statements,  and other  financial  information
 included  in this      quarterly report,  fairly present in all material respects the
financial condition,  results of operations and      cash flows of the Registrant as of,
and for, the periods presented in this quarterly report;
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4. | The
 Registrant s  other  certifying  officers and I are  responsible  for  establishing  and
 maintaining      disclosure  controls and  procedures  (as defined in Exchange Act Rules
13a-14 and 15d-14) for the  Registrant      and we have:
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(a) |  | designed
such disclosure controls and procedures to ensure that material information relating to
the          Registrant, including its consolidated subsidiaries, is made known to us by
others within those          entities, particularly during the period in which this
quarterly report is being prepared;
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | evaluated
the  effectiveness  of the Registrant s  disclosure  controls and procedures as of a date
within          90 days prior to the filing date of this quarterly report (the  Evaluation
Date ); and
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(c) |  | presented
in this quarterly  report our conclusions  about the  effectiveness  of the disclosure
 controls          and procedures based on our evaluation as of the Evaluation Date.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5. | The
Registrant s other certifying officers and I have disclosed,  based on our most recent
evaluation,  to      the Registrant s  auditors and the audit committee of Registrant s
 board of directors (or persons  performing      the equivalent function):
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(a) |  | all
significant deficiencies in the design or operation of internal controls which could
adversely          affect the Registrant s ability to record, process, summarize and
report financial data and have          identified for the Registrant s auditors any
material weaknesses in internal controls; and
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | any
fraud,  whether or not material,  that involves  management or other  employees who have
a significant          role in the Registrant s internal controls.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------

|6. | The
Registrant s  other  certifying  officers and I have indicated in this quarterly report
whether or not      there were  significant  changes in internal  controls or in other
 factors  that could  significantly  affect      internal  controls  subsequent to the
date of our most recent  evaluation,  including any  corrective  actions      with regard
to significant deficiencies and material weaknesses.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Dated:  November 12, 2003

/s/ William C. Owens
William C. Owens
President and Chief Executive Officer
Owens Financial Group, Inc., General Partner

---

EXHIBIT 31

CHIEF FINANCIAL
OFFICER CERTIFICATION

I, Bryan H. Draper, Chief Financial
Officer of Owens Financial Group, Inc., General Partner, certify that:

|1. | I
have  reviewed  this  quarterly  report on Form 10-Q of Owens  Mortgage  Investment
 Fund,  a California      Limited Partnership (the  Registrant );
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------

|2. | Based
on my knowledge,  this quarterly  report does not contain any untrue statement of a
material fact or      omit to state a material  fact  necessary to make the  statements
 made, in light of the  circumstances  under      which such statements were made, not
misleading with respect to the period covered by this quarterly report;
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3. | Based
on my  knowledge,  the  financial  statements,  and other  financial  information
 included  in this      quarterly report,  fairly present in all material respects the
financial condition,  results of operations and      cash flows of the Registrant as of,
and for, the periods presented in this quarterly report;
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4. | The
 Registrant s  other  certifying  officers and I are  responsible  for  establishing  and
 maintaining      disclosure  controls and  procedures  (as defined in Exchange Act Rules
13a-14 and 15d-14) for the  Registrant      and we have:
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(a) |  | designed
such disclosure controls and procedures to ensure that material information relating to
the          Registrant, including its consolidated subsidiaries, is made known to us by
others within those          entities, particularly during the period in which this
quarterly report is being prepared;
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | evaluated
the  effectiveness  of the Registrant s  disclosure  controls and procedures as of a date
within          90 days prior to the filing date of this quarterly report (the  Evaluation
Date ); and
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(c) |  | presented
in this quarterly  report our conclusions  about the  effectiveness  of the disclosure
 controls          and procedures based on our evaluation as of the Evaluation Date.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5. | The
Registrant s other certifying officers and I have disclosed,  based on our most recent
evaluation,  to      the Registrant s  auditors and the audit committee of Registrant s
 board of directors (or persons  performing      the equivalent function):
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(a) |  | all
significant deficiencies in the design or operation of internal controls which could
adversely          affect the Registrant s ability to record, process, summarize and
report financial data and have          identified for the Registrant s auditors any
material weaknesses in internal controls; and
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | any
fraud,  whether or not material,  that involves  management or other  employees who have
a significant          role in the Registrant s internal controls.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------

|6. | The
Registrant s  other  certifying  officers and I have indicated in this quarterly report
whether or not      there were  significant  changes in internal  controls or in other
 factors  that could  significantly  affect      internal  controls  subsequent to the
date of our most recent  evaluation,  including any  corrective  actions      with regard
to significant deficiencies and material weaknesses.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Dated:  November 12, 2003

/s/ Bryan H. Draper
Bryan H. Draper
Chief Financial Officer
Owens Financial Group, Inc., General Partner