Just the opposite of "no homo" yet has the same meaning. It's a very complicated phrase. Some people might think you actually mean what you said to be gay, when in actuality, you were just using a hilarious spin-off of no homo so you have to be careful who you use it around or you risk looking gay.
You see, if you sarcastically exclaim that you meant what you said in a homosexual way, most intelligent people will understand you're being sarcastic and proceed to laugh because they know you aren't actually gay.
Friend 1: "You know I'll always have your back."
Friend 2: *cracks a smile, realizing this was a pause moment*
Friend 1: "Hella homo!"
Friend 1 & 2 continue laughing at the perceivably gay thing Friend 1 said, however, he meant not for it to be gay, however, making it gay made it funnier, however, he is not gay.