Owen's view of saving faith I find to be acceptable:
"For there is a faith whereby we are justified, which he who has shall be assuredly saved; which purifies the heart and works by love. And there is a faith or believing, which does nothing of all this; which who has, and no more, is not justified, nor can be saved." John Owen
Owen also said that it is indeed "faith alone" that concerns our justification. If your problem is with Luther I am sorry he started the Reformation. If your problem is with Luther and his views on Jews, I can't help you. I have read what he said from his own writings and find it unacceptable too.
Regarding the faith alone question, what would there be in the explanation given by Owen above that you with your views would find unacceptable?
"...is not justified, nor can be saved." John Owen
God can and will save His elect although they are now or have been at some time in a state of unbelief, even persecuting His children.
(Act 9:1 KJV) And Saul, yet breathing out threatenings and slaughter against the disciples of the Lord, went unto the high priest,
(Act 9:13 KJV) Then Ananias answered, Lord, I have heard by many of this man, how much evil he hath done to thy saints at Jerusalem:
(Act 9:15 KJV) But the Lord said unto him, Go thy way: for he is a chosen vessel unto me, to bear my name before the Gentiles, and kings, and the children of Israel:
(Act 9:18 KJV) And immediately there fell from his eyes as it had been scales: and he received sight forthwith, and arose, and was baptized.
(Act 9:20 KJV) And straightway he preached Christ in the synagogues, that he is the Son of God.