A magnetic junction usable in a magnetic device and a method for providing the magnetic junction are described. The magnetic junction includes a free layer, a nonmagnetic spacer layer, and a reference layer. The free layer includes at least one of Fe and at least one Fe alloy. Furthermore, the free layer excludes Co. The nonmagnetic spacer layer adjoins the free layer. The nonmagnetic spacer layer residing between reference layer and the free layer. The magnetic junction is configured such that the free layer is switchable between a plurality of stable magnetic states when a write current is passed through the magnetic junction.