At your price level, I suggest a gently-used gun, rather than a new one.
If you buy used, you will definitely get, um, more bang for your buck.
If you buy a used Colt 1911, I strongly suggest a Series 70 or earlier, not a Series 80 or later. The Series 80 firing-pin safety is unnecessary.
The Remington couldn't be all that bad, but I dislike its not-original-design, exterior extractor.
Browning's original interior extractor was a better design, but it is more expensive to manufacture than is the exterior version.
If the gun you find has a perforated, "full-race"-style trigger, buy it anyway: 1911 triggers swap out easily and without fitting. Old-fashion solid triggers are pretty cheap.
The reason people prefer "P-shape, looped" hammers has to do with something called "hammer bite."
If your 1911 pistol doesn't have a fairly long "beavertail" grip safety, a thumb-spur, original-style hammer will reach down and peck at your hand, every time you fire it. It will draw blood, and it hurts. It will make you flinch, and that will make you miss.
Most thumb-spur hammers will not work with most protective beavertail grip safeties. All "rowel"-style, "P-shape" hammers work well with beavertail grip safeties, and, really, no beavertail is even necessary of you're using a rowel-style (Commander-style) hammer.