Is there any particular reason why you are looking to rent or buy? with current interest rates a $150,000 home runs you about $1,000/month, but in the end I would think any decent loan officer can run you the tables to show payments at different ranges.
I only bring it up because you are at a price break in the market for Farmington. I ran a MLS search and there are 6 properties currently active at 150k and below, but mostly you will run into TH's at this price.
When I bumped up the purchase price to $175,000 the number doubles (100% increase for the simple math people like me) and you get mostly single family homes then. I can't be for certain, but I think the $1200/month you said for rent equates to this price range just fine.
I just had a convo with another buyer from Trulia moments ago on this topic. You can search these websites all you want but they miss 20% of all listings, and because they never switch over status changes buyers are getting unrealistic expectations of the market.
Just some things to think about. The market is pretty hot right now with regards to being in a seller's market, so price appreciation will stay steady and be real for the near future. I have one buyer where she looked at TH's with me last year, and now she is realizing there was a 10-12k difference current from last year. It is quite possible in another year you will only be able to purchase TH's at your price range.
The process is always the same; Get pre-approved for financing with a loan officer. Either use a realtor for a referral (we tend to have the best contacts if we work with buyers) or do it yourself. From there let a realtor help you analyze the market for Farmington and get you on the correct property search (our MLS). There is no commitment to do this with a realtor.
This way you the buyer has knowledge and thus can make informed decisions. If you want to further discuss just contact me directly through Trulia.
Otherwise good luck and happy house hunting!