The fly skill is clear about when a check is needed, and you cannot perform the intended action if failing the check. Further more, it states if you fail by 5 or more, you pummel to the floor.
Try Again: Varies. You can attempt a Fly check to perform the same maneuver on subsequent rounds. If you are using wings and you fail a Fly check by 5 or more, you plummet to the ground, taking the appropriate falling damage (see Environment).
Now, in the case of the hover maneuver, not being able to perform the check, but failing by less than 5, what are their consequences?
Do you lose height? What amount?
Are you forced to move more than half your speed? What if you cannot?
Best Answer
There are no specific written penalties for failing to Hover, but it implied that there are penalties of some sort.
The implied RAW is that if you fail the Hover check, you would then be required to make a valid flight movement:
Also possible, a GM could rule that you fall 10-20 feet or cannot take another action that turn as you are not stable trying to stay in your current location. Alternately, they could require you to use your Standard action as a Move action and attempt another Fly check.