A seed layer stack with a smooth top surface having a peak to peak roughness of about 0.5 nm over a range of 100 nm is formed by sputter depositing an X layer such as Mo on a Ni layer where the X layer has one or both of a larger bond energy and a greater atomic number than Ni. A (Ni/X)m laminate is formed and then an uppermost NiCr seed layer is deposited to enhance perpendicular magnetic anisotropy (PMA) in an overlying ferromagnetic layer. A NiCr crystal structure promotes texture in the ferromagnetic layer. X layers serve as a diffusion barrier to Ta migration from a bottom electrode and have good lattice matching with the adjoining Ni layer and uppermost NiCr layer. As a result of the smooth seed layer stack in a magnetic tunnel junction (MTJ), MTJ properties are improved and more reproducible.