I would check into a year or two old Bear bow. My buddy got a 2yr old model fully set up for around $300. I was never a fan of Bear Archery, but it draws smoother than my Hoyt Rampage XT, is more affordable, and shoots very well. After seeing and handling his, I have to say Bear puts out a pretty good product! Especially if you are new to the sport and are wanting to fit into your budget.
My only suggestion is shoot a TON of bows before you decide on one....each bow is different to each person