A Fake Ass Homie is a person who is a friend for the sake of being friends. He or she doesn't make NO effort whatsoever to see you or hit you up, but every time you guys see each other, they pretend everything is all good and pretend that you guys are besties. It's basically an acquaintance. It's like that one kid in high school you used to talk to, but he or she made no effort to talk to you after highschool. You are friends on facebook, but you aint a real friend, you just a fake ass homie. This isn't necessarily a derogatory term. It's just another classification of friends.
Dude, remember him from highschool? Dude, he still think's we are best buddies, but that foo doesnt even hit me up anymore. He's a fake ass homie, foreal.