Define I Love You, No Homo Meaning

I Love You, No Homo
1. Saying that you love your friend as a friend
2. What you say when you accidentally let an "I love you" slip

Friend 1: *Walks in with beers*
Friend 2: Dude, I love you, no homo.
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Friend 1: I love you.
Friend 2: ...
Friend 1: No homo!
By Fanni