The passage
      v1. The writer initially defines faith; he defines faith as "being sure" and "being certain".
        i] "Faith is being sure of what we hope for." This clause can be understood in a number of different ways:
          a] Faith is the substance or real essence of what we hope for: "Faith gives substance to our hopes", NEB.
          b] Faith is the first fruits or earnest of what we hope for.
          c] Faith is confidence in, or assurance of, things hoped for. This is probably the best way to understand faith; faith, not as an object given and possessed, but rather a subjective human quality which may or may not be expressed, and when expressed, is done so in varying degrees. That is, faith is human confidence, and confidence may be weak or strong. In the Christian sense, faith (either weak or strong - faith as small as a mustard seed moves mountains) is confidence in God and his communication to us - his Word: his promises and commands. Faith, in its Christian sense, finds its substance in what is believed, not in the act of believing. So for example, to believe in Jesus, but not in his resurrection, is not saving faith. Our new life depends on our confidence in Christ's new life. If Jesus did not rise from the dead then we are still in our old state of sin, 1Cor.15:17. So, in this sense, faith is not a gift of God, rather Christ is God's gift to us. We may turn toward Christ, or turn away from Christ, believe (have faith) or not believe.
        ii] "Faith is being certain of what we do not see." Again, this clause has a number of possible meanings:
          a] Faith is the ingredient which produces conviction. It is the mechanism which allows us to be confident about things we do not see.
          b] Faith is being certain. This is the better understanding of the writer's intention, namely, to describe what faith is. Faith is certainty in the revealed truths of God, which truths are mostly unseen.
      v2. The writer goes on to point out that through faith the people of Israel gained God's approval, and thus persevered. Their lives are recorded in scripture as examples which serve to encourage those who follow in their footsteps. To aid our Christian life, the writer goes on to list some of those who lived by faith.
      v3. Before listing the examples of faith, the writer illustrates his definition of faith. He has told us that faith is a firm conviction in God's revealed Word, in particular, the promises which "we hope for" and yet at present "do not see." Faith is holding firm to the promises of God, such that our actions and convictions align with our acceptance of God's revealed truth. So for example, faith is holding firm to the conviction that the Universe was made through the command of God, out of nothing other than his word, rather than out of a preexistent substance, Psalm.33:6,9. The prevailing secular view was Platonic - the universe was made up of matter which was an eternal, neutral substance. This is not what the Bible says. To accept God's word, against that of the prevailing science, is to live by faith rather than by sight.

Faith as a mustard seed
      Faith is not some mysterious religious quality which only a few possess. Faith is not something reserved for the holy, set apart perfect religious person; it is not something given to some, but not given to others, a quality only entrusted to few. Nor is faith a religious quality we can use to make things happen, a tool to bend the will of God. Faith is none of these things.
      Faith is a willing, but struggling trust, in the revealed intentions of God; it is a reliance on God and on his truths, on his promises. Such faith may be as small as a mustard seed, hesitant, uneasy, filled with doubts, and yet determined to hold onto God's promises through all the doubts and fears that assail us. Faith is a confidence, a conviction, in the revealed will of God. Such faith makes a person acceptable to God. When Jesus makes a promise like: "everyone who looks to the Son and believes in him shall have eternal life," then to believe is to have life. Such faith makes a person right with God. Yet, what about keeping in with God?
      The writer to the Hebrews says in 10:35-36, "Do not throw away your confidence, it will be richly rewarded. You need to persevere so that when you have done the will of God, you will receive what he has promised." How do we persevere in the Christian life? By faith, is the answer. All the great saints of the past persevered by faith. They were "persecuted and mistreated - the world was not worthy of them." "These were all commended for their faith, yet none of them received what had been promised." For us, the age of promise has dawned, the kingdom is at hand. Yet, we too must struggle as they did, awaiting the coming of our Lord. And how? By faith we hold tenaciously to Jesus.