Faggit is the term used for the homosexual as spread over both "Faggit" and "Faggot"
However "Faggot" is the definition of a large round mass of minced meat. This is as of 2003 Oxford Dictionary...

Someone Homosexual who's trying so hard.

The way faggot was meant to be spelt.

Derived from the word faggot meaning 'homo-sexual'.

Faggit describes a person devoid of or temporarily failing to exhibit emotional and/or physical robustness.

While not empirically proven, faggits tend to be vertically challenged, pretty girls.

a homosexual man, one who is incredibly gay. Also used as a "put down" word.

Only stupid bitches use this word

a person who is very stupid