Here is a list of things that could be wrong I copied it from the FH manual:
1. It must be saved into a PNG format
2. It can only consist of 1 layer!(If you use more the game will crash upon importing it) Make sure you flatten/merge the layers on the image before saving it.
3. The image must be saved/edited in grayscale mode and cannot consist of or use colours(If not the game will crash)
4. The Image size should be even on both size, the standard size is 513 x 513 pixels.
5. The use of "Alpha Channel" should be left unmarked/turned off.
If none of these are the problem then I would try making it again.