If I restore my iPhone, is there a way I can keep my current iOS version?

This is my first time having to do a full reset so I'm not sure how everything ends. The Apple site mentioned that resetting with iTunes will erase everything and install the latest software.

I have a 16GB iPhone 5s (only 12GB usable) so I'm pretty limited with space. I currently have iOS 7, but I feel that if iOS 9 is installed, I'll be back to having limited storage space again even after the reset. Is there any way to avoid this? Or can I go back to iOS 7 if I restore with a backup.

You will actually have slightly more storage as the size of iOS 9 is fairly small. But to answer the question, you can't restore without it doing an update, that's how Apple coded it

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