Ephesians 2:8-9 says (in the HCSB): For you are saved by grace through faith, and this is not from yourselves; it is God’s gift— 9not from works, so that no one can boast.
I have often heard it taught that "this is not from yourselves; it is God's gift" refers back to "faith," so the verses can be understood to mean: You are saved by grace, and you get to that grace through faith, and that faith is given to you as a gift in order to start the whole process.
Upon closer examination of the verses, though, I believe this cannot be the meaning of "It is God's gift." It seems clear that "God's gift" is contrasted with "from works." It is God's gift. It is not from works. Then if God's gift referred back to faith, the contrast would be "Faith is a gift from God. Faith is not from works." But this doesn't even make sense. What would it mean that faith was from works? Faith and works are contrasted with each other, here and elsewhere in Scripture. These verses are saying that salvation comes through faith, not through works. It is the salvation, not the faith that is in view as a gift in these verses.
So these verses are better understood to mean: Salvation comes by grace. This grace comes through faith. This salvation does not come from what we do, but is a gift from God. Works cannot earn it, so no one can brag about deserving salvation.