I took a $75,000 hardship withdrawal from my 401K to purchase my first home. I understand I have to pay tax and penalty for this but am I qualified to receive the tax credit? I closed my escrow October 23, 2009 and I only made $54,000 last year.

Yes, withdrawal for purchase of home is not hardship. You will pay 10% early withdrawal penalty and report the withdrawal as income.
Check if $75,000 will be added to $54,000 or not to figure out your income for home credit.

The $75K is added to your wages as ordinary income, which means your income was at least $129K last year (could be more, if you have other income sources). The first time home buyer's credit is available to you as long as your Adjusted Gross Income is less than $75K if filing as single or $150K if married filing jointly (the limits are a bit for purchases that close after Nov 1, 2009).

To clarify the withdrawal - purchasing a first home IS called a "hardship withdrawal" from your 401(k), but does not relieve you from having to pay the 10% early withdrawal penalty. The term "hardship" with respect to 401(k) withdrawals merely means that your employer is required to allow you to make the withdrawal for this purpose. Most 401(k) plans allow withdrawals by active employeses ONLY if the purpose meets one of the so-called "hardship" purposes.