We who believe in and preach faith for salvation are not "fallen from grace" but are preaching the real and true gospel of Christ, for it is a gospel of grace, not a gospel of works. Hence, this verse follows verse four with a salient anticipation for a hope, but not only a hope alone, but also a hope of righteousness, a continued righteousness that was begun in us and one that will be accomplished until the day of Jesus Christ (Phil 1:6).
We wait "through the Spirit" for this hope of righteousness. This hope is begun by, substantiated by, and fulfilled by the Spirit of God and of Christ Jesus. The Spirit is our Comforter, our Teacher, our Guide, and our security. We are led by the Spirit (Rom. 8:14); we are justified by the Spirit (1 Cor. 6:11); we are quickened by the Spirit (1 Peter 3:18); we speak by the Spirit (1 Cor. 12:3); we know his abiding by the Spirit (1 John 3:24).
The hope we have is a "sure and steadfast hope." It is our hope that rests completely in Jesus Christ, not in our own, personal, simple, Sandamanian faith, but in our genuine, God-given, righteous faith that produces fruit in the Christian life. It is a hope of righteousness, perfect and flawless, by which Jesus Christ can present us faultless before his Father.
But let us not forget that, behind every element of faith is grace, that grace which emanates from God, flows from him to the believing sinner, quickens the sinner, and sustains him unto that eventual perfection that awaits all who truly believe in Christ.
With that sense of comfort and security, every believer should be able to patiently wait for that which is to come, though present circumstances may seem to oppose our optimism. Heb 10:37 For yet a little while, and he that shall come will come, and will not tarry.