If peace is love + faith (as suggested in the first three lines) and he isn't ready to love, then all three notions make no sense to him at that point in time. In the third stanza he rejects the idea of faking anything ("I'm not ready to love. I'm not ready to lie." - so love is a lie? or he has lied about love in the past?) and hints that it's only a matter of time until he is ready. Presumably with love he also gets faith and peace, as they seem to go together.
If peace is love + faith (as suggested in the first three lines) and he isn't ready to love, then all three notions make no sense to him at that point in time. In the third stanza he rejects the idea of faking anything ("I'm not ready to love. I'm not ready to lie." - so love is a lie? or he has lied about love in the past?) and hints that it's only a matter of time until he is ready. Presumably with love he also gets faith and peace, as they seem to go together.