Is Centos 7 a stable OS to use right now?

As I would like to use latest php versions only if Centos 7 is stable/bug free.

Howdy,

CentOS 7 is a Grade A supported distro. It’s also what we’re using now for the main Virtualmin server here at virtualmin.com.

Note though that if you have CentOS 6 installed, you could use these instructions here to install a second PHP version:

https://www.virtualmin.com/documentation/web/multiplephp