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A homofam is a shorter and more fun way of saying "single sex parenting family" (child development reference) and is generally used as an insult for those who are in a "homo-fam" or is generally acting retarded or gay.

Some people use it as a general term when greeting a friend.
"Flossie, your such a Homofam"
"Why are you being such a homofam?"
"Hey Homofam"
"Whey Homofam!"
by ChildDevPeeps September 11, 2009