A perpendicular magnetoresistive element includes a novel buffer layer having rocksalt crystal structure interfacing to a CoFeB-based recording tri-layer has (100) plane parallel to the substrate plane and with {110} lattice parameter being slightly larger than the bcc CoFe lattice parameter along {100} direction, and crystallization process of amorphous CoFeB material in the recording layer during thermal annealing leads to form bcc CoFe grains having epitaxial growth with in-plane expansion and out-of-plane contraction. Accordingly, a perpendicular anisotropy, as well as a perpendicular magnetization, is induced in the recording layer. The invention preferably includes materials, configurations and processes of perpendicular magnetoresistive elements suitable for perpendicular spin-transfer torque MRAM applications.