On a few selected servers a client can choose which PHP version he likes to run for his particular account , note that this setting will be for ALL websites under an account.
If you need multiple website running different versions you will need to order additional accounts. 

Note that running PHP versions LOWER as the native version (at the moment of writing below version 5.3.x) your site may pose a sercurity risk as all versions older as 5.3 are by default EOL.
040Hosting only officially supports the servers default version of PHP (native) all other support will be on best effort basis only.
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