Paul summarizes our condition in his epistle to the Romans.
Romans 5:1-2
Therefore, having been justified by faith, we have peace with God through our Lord Jesus Christ, through whom also we have obtained our introduction by faith into this grace in which we stand; and we exult in hope of the glory of God.
justified by faith . . .
In Romans chapter 4, Paul argues that "justification" is a blessing of God, as described in a Psalm of David when he says, "Blessed is the man whose sin the Lord will not take into account. Speaking of Abraham, Paul argues that God accounts them justified if they share the same faith as Abraham, being the father of our faith. (Romans 4:10-12)
we have peace with God . . .
Paul asserts that peace between God and his enemies came about by means of the cross of Christ. Paul often associates the cross of Christ with reconciliation (atonement.) "For if while we were enemies we were reconciled to God through the death of His Son, much more, having been reconciled, we shall be saved by His life." (Romans 5:10) Here Paul describes our change in status, having once been his enemies, through the death of his son, we became his friends. And what does God do for his friends? He saves them and grants them "aionic"* life.
we exult in hope of the glory of God.
Earlier, Paul asserted that our sin causes us to fall short of God's glory. What is God's glory if not his perfect moral goodness, righteousness, and love? Here Paul asserts that because God has accounted us "justified" and "at peace" with God we exult in hope of the glory of God. In other words, in Paul's view, walking without sin is a future hope. We don't see it now and since we don't see it now, it is a hope, "for who hopes in what he sees?"
______________________________
*"aionic" life = life as it will be in the final age.
And God grants this blessing to
The term "justified" comes from the same Greek word as "righteous." Justification takes place in view of our faith when God declares or accounts the believer as "right" with him.