The word used in 1st Corinthians as "effeminate" is not neccesarilymeaning homosexual. Looking at the original Greek, "...o)/ute e)idwlola/trai o)/ute moixoi\ o)/ute malakoi/ o)/ute a)rsenokoi/ o)/ute kle/ptai..." all the words other than o)/ute are nouns except for malakoi/, which is an adjective. Now, Greek, (and Latin) often uses adjectives as substantives or nouns. The question is whether it is used as an adjective modifying a)rsenokoi/ or as a noun. In the first case it would be "effeminate male prostitutes", in the second, just "the effeminates" or "the weak" with "weak" being in the sense of morally weak which could mean any number of things and not necessarily sexual.
The King James Version translates this as "...neither fornicators, nor idolators nor adulterers, nor effeminate, nor abusers of themselves with mankind...", but the Revised Standard Version translates this as "...neither the immoral, nor idolators nor homosexuals..." and notes on the last that "Two Greek words are rendered by this expression.". This would be using malakoi/as an adjective. I tend to think it is more likely, given the structure of the sentence, that it is used as a noun, as Paul here alternates between the sexual and the non-sexual sins, followed by alternating between sins of theft and overindulgence. This is a common Greek literary device and one that Paul and his would be very familiar with.