A method of forming a magnetoresistive element comprises of forming a novel Boron-absorbing cap layer provided on the top surface of an amorphous CoFeB (or CoB, FeB) ferromagnetic recording layer. As the magnetoresistive film is thermally annealed, a crystallization process occurs to form bcc CoFe grains having epitaxial growth with (100) plane parallel to the surface of the tunnel barrier layer as Boron elements migrate into the novel Boron-absorbing cap layer. Removing the top portion of the Boron-absorbing cap layer by means of sputtering etch or RIE etch processes followed by optional oxidization process, a thin thermally stable portion of cap layer is remained on top of the recording layer with low damping constant. Accordingly, a reduced write current is achieved for spin-transfer torque MRAM application.