One illustrative method disclosed herein includes, among other things, forming a composite fin structure that is comprised of a first germanium-containing semiconductor material having a first concentration of germanium and a tensile-strained second semiconductor material (having a lesser germanium concentration) positioned on the first germanium-containing semiconductor material and performing a thermal anneal process to convert the first germanium-containing semiconductor material portion of the composite fin structure into a germanium-containing oxide isolation region positioned under the second semiconductor material that is a tensile-strained final fin for an NMOS FinFET device.