As adjectives the difference between faggy and saggy
is that faggy is effeminate; homosexual; gay while saggy is baggy or loose-fitting.
faggy
English
Adjective
(er)
(pejorative, informal) Effeminate; homosexual; gay
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saggy
English
Adjective
(er)
Baggy or loose-fitting.
That sinks or droops from wear or its own weight.