A method and system for providing a magnetic junction usable in a magnetic device are described. The magnetic junction includes a reference layer, a nonmagnetic spacer layer and a free layer. The nonmagnetic spacer layer is between the 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. A portion of the magnetic junction includes at least one magnetic substructure. The magnetic substructure includes at least one Fe layer and at least one nonmagnetic insertion layer. The at least one Fe layer shares at least one interface with the at least one nonmagnetic insertion layer. Each of the at least one nonmagnetic insertion layer consists of at least one of W, I, Hf, Bi, Zn, Mo, Ag, Cd, Os and In.